European Parliament first vice-president Mairead McGuinness and former European Investment Bank vice-president Andrew McDowell have been proposed for consideration as Ireland's next European Commissioner.
The decision to propose the two candidates was made by the Cabinet this afternoon.
European Commission President Ursula von der Leyen has said she will interview both candidates next week.
In a statement, the Government said it believes that both nominees are "candidates of the highest calibre, possessing the necessary competence, independence and European commitment to serve in the role of Commissioner with distinction".
It said that while the allocation of roles within the Commission is for President von der Leyen to decide, the Government "firmly believes that both candidates have demonstrated that they have experience, skills and capacity to serve and to make a contribution in the most demanding roles".
Taoiseach Micheál Martin later said Ms McGuinness is strongly recognised for her contribution to European politics, while Mr McDowell has "significant attributes to bring to the table".
Mr Martin added: "Given the quality of the candidates that have been put forward, I believe we could get a portfolio of substance and quality."
The vacancy arose following the resignation of Phil Hogan, who stepped down following controversy over his movements while in Ireland and his attendance at an Oireachtas Golf Society event in Clifden on 19 August.
Ms McGuinness said in a statement: "It's a great honour to be nominated as a candidate for a role that is so influential in the lives of citizens and businesses across Ireland and the entire EU.
"Andrew McDowell is someone for whom I have a great deal of respect, having worked closely with him at various junctures in the past.
"We await the decision of President Von der Leyen following the interview process."
Ms von der Leyen had invited the Government to present suitable candidates for a replacement commissioner, requesting the nomination of "a woman and a man".
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The Taoiseach @MichealMartinTD has informed me of the nomination of @MaireadMcGMEP and @AMcDowell as the Irish candidates for the post of commissioner. I will interview them early next week on their qualifications for the job.
— Ursula von der Leyen (@vonderleyen) September 4, 2020
Ms McGuinness is the higher profile of the two candidates. She represents the North West constituency of Ireland in the European Parliament.
Prior to becoming an MEP, she was a well-known journalist, broadcaster and commentator and hosted Ear to the Ground on RTÉ.
She was elected first vice-president of the European Parliament in January 2017 and was re-elected to the post in July 2019.
Mr McDowell is former chief economic advisor to the government from 2011 to 2016, working closely with then taoiseach Enda Kenny.
Until recently, he had been vice president of the European Investment Bank in Luxembourg.
Should Ms McGuinness be appointed EU Commissioner, RTÉ News understands that Louth Fine Gael Cllr Colm Markey will take over her MEP seat for the Midlands North West constituency.
Minister for Foreign Affairs Simon Coveney had been another name linked with the nominations. However, he decided not to put his name forward.
Speaking today, Tánaiste Leo Varadkar said Mr Coveney was a person of enormous ability and certainly would have been a top class EU Commissioner had he decided to go for it.
"For Ireland and for the Government I'm really glad he is staying quite frankly," he said.
"He is somebody we need, somebody we need as we enter the next stage of Brexit, somebody who we need because of events in Northern Ireland and somebody who I think the Government needs to bring experience, maturity and stability to the Government."
The @FineGael MEP @FitzgeraldFrncs says it's "very welcome" the Govt nominated both a woman + a man to be Ireland's EU Commissioner. She said both @MaireadMcGMEP + Andrew McDowell "are excellent candidates:" She added: "I wish them every success in the time ahead." @rtenews
— Paul Cunningham (@RTENewsPaulC) September 4, 2020
Fine Gael MEP and former tánaiste Frances Fitzgerald has said it is "very welcome" that the Government has nominated both a woman and a man to be Ireland's next EU Commissioner.
Ms Fitzgerald, who expressed an interest in the role, described both Ms McGuinness and Mr McDowell as "excellent candidates" and said: "I wish them every success in the time ahead."
In a statement, the Dublin MEP said she felt "very honoured at the encouragement and support" she received from so many people over the past week.
Additional reporting Will Goodbody, Paul Cunningham and Helen Donohue
