Speculation in the US is rife, with some reports suggesting Mrs Clinton could become his secretary of state.
She has refused to comment, and Mr Obama's transition team have not confirmed any of the reports.
Mr Obama is also said to be considering New Mexico governor Bill Richardson for the role of secretary of state.
As a former permanent representative to the UN under President Bill Clinton, Mr Richardson has extensive foreign policy experience.
Democratic Party officials told the Associated Press that the two men had met in Chicago on Friday to discuss the new administration.
Aides also said Mr Obama would meet his Republican rival, John McCain, on Monday to discuss working together.
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