Suu Kyi has vowed to rule "above" the president, despite being barred from the top office by an army-scripted constitution, as she strives to fulfil the huge mandate delivered by millions of voters in her National League for Democracy's landslide election victory in November.
Many in Myanmar had clung to faint hopes that the 70-year-old democracy campaigner could still head the country's first civilian government in decades, but months of talks with the powerful military failed to remove the legal obstacles in her way.
He is widely seen as the anointed person to rule in her place as president when incumbent Thein Sein ends his five-year term at the end of March.
The NLD also nominated ethnic Chin MP Henry Van Theu, a law graduate, as a presidential candidate from the upper house. He is expected to become vice president.
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The announcements end months of fevered speculation, as the party kept tight-lipped to avoid upsetting a delicate political transition in a nation where the military still casts a long shadow.
"I believe people will like our chosen presidential nominees," she said.
Observers welcomed the choice.
"I think he's probably the best fit for the job, someone of proven and longstanding loyalty to (Suu Kyi) and also a person of considerable standing in his own right," Myanmar historian and political analyst Thant Myint-U told AFP.
Myanmar's next government faces soaring expectations in the country of 51 million eager to see further changes as it shakes off the shackles of junta rule and international isolation.
Htin Kyaw's official confirmation may take days, though should be a forgone conclusion because of the NLD's comfortable parliamentary majority.
Parliament's lower and upper houses will confirm one candidate each tomorrow.
Their eligibility will then be assessed by a parliamentary committee before a final vote possibly next week that will also include a nomination from the military, which controls a quarter of the legislature.
This will determine the president, leaving the other two as vice presidents.
"I think personally that he is a suitable person," USDP lower house MP Hla Htay Win told AFP, adding that the party's own nominees "have their abilities".