Political succession in the affluent city-state was thrust into the limelight last year after Lee, now 65, fainted briefly while delivering a televised speech.
Elections do not have to be held until early 2021. The political succession has always been an orderly exercise in the city-state ruled by the same party since 1959.
Lee, son of founding prime minister Lee Kuan Yew and himself a former brigadier-general, has said the country needs a younger crop of ministers to lead Singapore after he steps down. He has been prime minister for 13 years.
"In Singapore, leadership is a responsibility to be borne not a position to be sought," the former army major-general said, stressing that drastic policy changes are not to be expected whoever takes over from Lee.
Also Read
Chan, a minister in the prime minister's office and also the labour movement chief, is one of three younger officials depicted in local media as potential future leaders. Finance Minister Heng Swee Keat is another.
Lee Kuan Yew, who led the country to independence in 1965, stepped down in 1990 and was succeeded by former shipping executive Goh Chok Tong. The junior Lee, a cancer survivor, succeeded Goh in 2004.
Disclaimer: No Business Standard Journalist was involved in creation of this content