While the Sydney Morning Herald is reporting it as about to happen, CBS is reporting that it is a done deal and that Zoellick got the nod:

The top contenders include former US Trade Representative Robert Zoellick, 53, and US Deputy Treasury Secretary Robert Kimmitt, 59, according to Republican sources, with Zoellick seen as the stronger candidate.

Among other names that have been mentioned are Bank of Israel Governor Stanley Fischer, 63; former Federal Reserve Chairman Paul Volcker, 79; and US Commerce Secretary Carlos Gutierrez, 53, although Republican sources say Fischer and Volcker seem unlikely. Another possibility, former Tennessee Republican Sen. Bill Frist, has said he does not want the job.

I guess we should thank the deity of your choice that Frist declined the position. Zoellick has had a tumultuous relationship with the Bush Administration, although I don't think you can consider him anything but a Bushie. Zoellick's nomination is being lauded both internally at the World Bank and by other nations. However, given Bush's penchant to choose loyalty over competence, I'll wait to see what comes up in research on him.