Suu Kyi, the leader of the National League for Democracy (NLD) is likely to be given a new role "advisor to the state" or "state counsellor" similar to that of prime minister, reported the BBC.
Her National League for Democracy (NLD) party won historic elections last year but Myanmar constitution bars candidates with foreign spouses or children to become president. Her two children are British citizens, as was her late husband.
Htin Kyaw, a close aide of Suu Kyi, the first elected civilian leader in more than 50 years sworn in as president on Wednesday.
The NLD managed to get 80% of contested seats in the elections held in November last year, ending decades of military rule.
Read More: Myanmar has a new President-Htin Kyaw
Suu Kyi endured years of house arrest and atrocities at the hand of military rulers to bring about democracy in the country.
UN Secretary General Ban Ki-moon congratulated Htin Kyaw for being elected as Myanmar's first civilian President and expressed hope that the country will continue to be on the path of democracy and national reconciliation.