President-elect Donald Trump is expected to nominate Cantor Fitzgerald CEO Howard Lutnick to serve as commerce secretary, a source familiar with the process confirmed to Fox News Digital.

Lutnick, 63, has served as the co-chair of Trump's transition team and was a key fundraiser for Trump's 2020 and 2024 campaigns. Billionaire and Trump backer Elon Musk endorsed Lutnick for Treasury secretary. 

The source said that "it's a free for all for Treasury secretary" and that there's a "mad dash to find someone pro-tariff" to lead the Treasury with Lutnick being tapped to lead the Commerce Department. They added that Lutnick was offered an ambassadorship but declined that offer.

The Commerce Department plays a key role in regulating international trade with the U.S. as well as promoting economic growth domestically.

This is a developing story. Please check back for updates.