Obama said that he had plans to nominate both Panetta and Petraeus on April 28, days before US military men killed terror head Osama bin Laden in Pakistan.
Panetta's duty would include cutting spending at the Defence Department. He is expected to take the charge of his duty on Jun 30, the day Robert Gates, the current Defence chief retires.
Petraeus will lead the international force in Afghanistan till General John Allen, takes over his position in Sep. Petraeus will retire from the military before moving to the CIA.
A new chairman of the Joint Chiefs of Staff who serves as the president's top military adviser, is also expected to be nominated next month.
According to Pentagon officials, General Martin Dempsey, who is the Army chief of staff is being considered by Obama to replace Admiral Michael Mullen.