The proposed Cabinet reshuffle will take place within the next 48 hours, informed government sources told Asian Mirror.
It will be the third reshuffle of the unity government's Cabinet, since its ascension to power in September, 2017.
Prime Minister Ranil Wickremesinghe had told his party MPs that young ministers would get more responsibilities following the reshuffle.
There were speculations that President Maithripala Sirisena would take over the Ministry of Finance. However, when contacted by Asian Mirror, a senior government spokesman said those speculations stemmed from the President's remarks in the run-up to the election that he would take over the affairs of the economy.