Power Minister Sushilkumar Shinde was tipped to be the Home Minister, according to sources.
Minister for Corporate Affairs M Veerappa Moily is likely to be given the additional charge of the Power Ministry, the sources said.
The reshuffle of portfolios has been necessitated by the exit of Pranab Mukherjee, who held the portfolio of Finance Ministry before getting elected as the President.
When asked about the speculation, Chidambaram sought to downplay it.
"I don't think so. I am very happy to meet you once in a month. I am content with the job I am doing and we will meet next month," he told reporters when asked during his monthly press conference as Home Minister whether this would be his last one in this portfolio.
Chidambaram was the Finance Minister before being given the charge of the Home Minister in the wake of November 2008 Mumbai attack.