South Australian Treasurer Jack Snelling has neither confirmed nor denied suggestions he may be shifted from his portfolio.
Premier Jay Weatherill is to unveil a new Cabinet line-up when senior ministers John Hill and Patrick Conlon go to the backbench.
The pair announced they would relinquish their portfolios on Monday and move to the backbench before quitting Parliament at the next election.
There is speculation Mr Weatherill is preparing to take over the role of Treasurer himself.
Mr Weatherill says he has already strong ideas about who will take up the various portfolios but will reveal details of the reshuffle in due course.
Today, Mr Snelling would not rule out the possibility he may be moved to another ministry.
"Portfolio allocation is entirely a matter for the Premier and I'm happy to serve him in whatever way he asks me to," he said.
Mr Snelling has presided over two tough budgets since being appointed as Kevin Foley's replacement in 2011.
In December, he announced a further blow-out of $300 million in the mid-year budget review to a deficit of $1.169 billion.
University of Adelaide political commentator Professor Clem Macintyre says if rumours Mr Snelling will be pushed from the post are true, the new Treasurer will face a difficult sell at budget time.
"The Treasury position is a very difficult one in South Australia. The budget has been in some trouble," he said.
"I fully expect whoever is in the role of Treasurer to be making cuts in the budget... so whoever takes that role will have a very demanding task.
"Whether or not they are able to sell that new budget politically will go a long way towards the chances of the Weatherill Government at the 2014 election.
"In contrast to Kevin Foley who was Treasurer through a period of large expansion, Jack Snelling has seen revenues contract.
"He took over really as the effects of the Global Financial Crisis were really coming home to roost in South Australia."
Professor Macintyre says if the Premier makes himself Treasurer he would be the first to hold both posts since Labor's John Bannon two decades ago.
"That didn't end very well with the State Bank collapse. Having said that, premiers have traditionally been treasurers going back through most of the 20th Century," he said.
Professor Macintyre says the Premier also faces a challenge to find replacements for the Infrastructure and Health Ministers.
"He's going to struggle to find somebody with the parliamentary and tactical experience of Pat Conlon in terms of parliamentary strategy and behaviour and John Hill has been I think a very safe pair of hands looking after the difficult portfolio of health," he said.
'Hiccups and bumps'
Employment Minister Tom Kenyon also refused to comment on the reshuffle, repeating the line that it is a matter entirely for the Premier.
"These things are never without their hiccups or their bumps," he said.
"We'll file into caucus on Monday morning and elect the cabinet.
"No one's ever going to make me Treasurer I don't think and again that'd be a very hypothetical situation."
The Premier also refused to comment on suggestions Environment Minister Paul Caica and Industrial Relations Minister Russell Wortley will be relegated to the backbench.
There is also speculation the Cabinet vacancies could be filled by the left-aligned MPs Leon Bignell and Susan Close and the right-aligned Leesa Vlahos.
Parliamentary speaker Lyn Breuer could be replaced by former Attorney-General Michael Atkinson.
The number of cabinet members is also tipped for a downsize with a possible cut from 15 to 13 Ministers.