Connecticut businessman Thomas C Foley, who was a friend of President Bush at Harvard University, is to be nominated as ambassador to Ireland in succession to Ambassador James Kenny, whose tour of duty ends in November.
Mr Foley previously served as the director of private-sector development for the Coalition Provisional Authority in Iraq, the group set up by the US to run the country after dictator Saddam Hussein was deposed.
A prominent Bush fundraiser, Mr Foley is currently president of NTC Group, an investment company. He also serves as chairman of TB Wood's Corporation, which makes power-transmission products, and Stevens Aviation.
In August 2003, Mr Bush appointed Mr Foley to the authority in Iraq, putting him in charge of 200 state-owned businesses, many of which were in line for privatisation.
He was charged with formulating a privatisation plan, developing foreign trade and investment, and advising the ministries of trade, industry and minerals.
In what he described as "the mother of all turnarounds", Mr Foley oversaw major changes in the Iraqi economy.