Lee Jae-yong, current chief operating officer (COO) and son of Samsung chief Lee Kun-hee, is about to be promoted to be president of Samsung Electronics, the chairman told local reporters Wednesday.

According to media reports, Chairman Lee Kun-hee, when asked by reporters, said he is planning to promote his only son to the post of president at a year-end personnel reshuffle.

Samsung Electronics, the world's No. 1 memory chipmaker and South Korea's top market cap company, is planning a yearly personnel reshuffle in mid-December.

While it has been long expected the junior Lee would rise to the top post of Samsung Electronics, it is the first time that the chairman made an official remark.

Lee Jae-yong, joining Samsung Electronics in 1991, was promoted from senior vice president to chief operating officer (COO) last year.

It has been long speculated the junior Lee will inaugurate as the chief of the Samsung group.