Google CEO Eric Schmidt is on track to be nominated for the post of U.S. Commerce Secretary by President Obama, according to Business Insider.

Schmidt picked up an important vote of confidence earlier this week when former Reagan Administration Commerce Department counsel Clyde Prestowitz essentially endorsed Schmidt for the job. That didn’t happen by accident and it’s a strong signal that the GOP DC establishment will support a Schmidt appointment, the source said.

Word came that Schmidt was under consideration for the post earlier this month. The vacancy is created because current Commerce Secretary Gary Locke is becoming U.S. ambassador to China.

Schmidt is one of several candidates being considered for the position. Others are Pfizer Inc. CEO Jeffrey Kindler and U.S. Trade Representative Ron Kirk.

Google co-founder Larry Page is reported to step in as CEO this spring.