The Government will nominate Minister Paschal Donohoe for a second term as President of the Eurogroup.
A spokesperson said if he is re-elected to the role, Mr Donohoe will carry out his duties as President of the Eurogroup as Minister for Public Expenditure and Reform.
The Minister for Finance at that point, expected to be Michael McGrath after the December reshuffle, will represent Ireland and will attend Eurogroup and ECOFIN.
The process for election will be announced at the Eurogroup meeting on Monday, and will be managed by the Council Secretariat.
Mr Donohoe was first elected to lead the group of eurozone finance ministers in July 2020.
While the Eurogroup chief is usually a sitting finance minister, Luxembourg had two representatives while Jean-Claude Juncker was head of the influential group.
The Eurogroup played a key role coordinating policy during the financial crises of the last decade, ultimately helping to avoid the collapse of the common currency. Holding the chair has added to Ireland's influence in the bloc.
It has allowed Mr Donohoe to play an important role in negotiations to overhaul global corporate tax rules that could be particularly damaging for Ireland as it is the European headquarters for big multinational employers including Apple, Google and Facebook.
Concern had previously been expressed over Mr Donohoe's future as President of the Eurogroup, given that he was expected to be moved to the Department of Expenditure at the end of the year.
Back in September, Minister McGrath told RTÉ News that to create a situation where the new Minister for Finance would not attend the Eurogroup would be "tantamount to a division of the Department of Finance, which is not something that we would agree with".
"The Minister for Finance is the person who represents the country at the Eurogroup. Not to have that continue would represent a significant diminution in the role of the Minister for Finance," he said.
Additional reporting Tommy Meskill, Reuters
