Network's Andrea Mitchell and Chuck Todd reporting Obama will name his economic team Monday.

1:55pm UPDATE: The New York Times is reporting that Sen. Hillary Clinton has decided to quit her Senate seat and accept the post of Secretary of State, according to two Clinton confidants.

Senior advisers to President-elect Barack Obama told the Times this morning that the offer had not been formally accepted and no announcement would be made until after Thanksgiving, but said they were convinced the deal was ready to be sealed.

Obama reportedly will hold a question-and-answer session at the announcement Monday in an effort to reassure markets, NBC's Chuck Todd and Andrea Mitchell reported minutes ago.

Jake Tapper on the ABC News blog "Political Punch" reported a short time ago that Richardson was a leading candidate for the Commerce post, saying the news that Richardson had emerged as a serious contender for Commerce was first broken by Chris Cillizza of the Washington Post.

We beg to differ. The Albuquerque Journal's Washington correspondent Michael Coleman gave us the first inkling that Richardson was being considered as Commerce Secretary about the same time Cillizza did on Thursday.

On the other hand, we reported on politics blogger Joe Monahan's strange item way back on Nov. 6 that purported to list Richardson's list of druthers, which he allegedly relayed to Obama.

At the top of the list, of course, was Secretary of State, followed by President of the World Bank, Ambassador to China (the one we had the most fun with) and -- there it was! -- Secretary of Commerce.