Reports today suggest former treasurer Peter Costello is likely to take over as chair of the Future Fund, with insiders saying it has been at the request of the outgoing David Gonski.

Financial media outlets claim federal government sources say Mr Costello is all but assured to take the position, complete with the endorsement of the man currently in the job.

Mr Costello has actually been performing the role already, albeit in a ‘temporary’ capacity after the departure of Mr Gonski.

If he does take the position, Mr Costello will find himself chairman of a $90 billion sovereign wealth fund he established back in 2006.

The top job has attracted rumour and controversy for a number of years.

In 2009 many Labor members were incensed when then Prime Minister Kevin Rudd appointed Mr Costello to the fund’s board, which also signalled the start of a period of executive in-fighting.

Founding chairman David Murray had his contract extended when it expired in 2011, bringing it to 2012 when many thought Mr Costello would take over.

In 2012 the Gillard government went against advice from the Fund itself and appointed a heavyweight business outsider to the role, namely Mr David Gonski. During his time he was tasked with gauging the opinions of the board as to the best permanent candidate for the job. At the end of several years of back-and-forth, that person appears to be Mr Costello.

Opposition Treasury spokesperson Chris Bowen says; “So far, 2014 is going the way 2013 ended, with a growing number of Australians without work, while former Liberal Party mates were given a new job.”