During the Clinton administration, Summers helped craft the U.S. support program for Mexico during its 1995 financial crisis. He later helped lead the U.S. response to the Asian financial crisis of 1997.
Geithner and Summers were scheduled to appear with Obama at a press conference in Chicago Monday morning.
The announcement comes as Obama moves quickly to fill slots for his incoming administration. On Saturday, he named longtime spokesman Robert Gibbs as White House press secretary.
Ellen Moran will be director of communications in charge of getting Obama's message out. Her deputy in the White House will be Dan Pfeiffer, the communications director for Obama's presidential transition team.
In other positions, Obama is virtually certain to offer Congressional Budget Office chief Peter Orszag the job of directing the White House Office of Budget and Management, and Orszag is likely to accept, Democratic officials said Saturday.
New York Sen. Hillary Rodham Clinton also is in line to become secretary of state, while Obama's choice for attorney general is Eric Holder. He held the No. 2 slot in the Justice Department in President Bill Clinton's administration.
Officials said New Mexico Gov. Bill Richardson had emerged as a likely pick as commerce secretary, although he had hoped to be secretary of state. Like Clinton, he was a rival of Obama's for the Democratic presidential nomination last winter. He dropped out after the early contests, though, and soon threw his support behind the eventual winner. The officials spoke only on condition of anonymity because they were not authorized to publicly discuss the anticipated appointments.
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