Premier Peter Gutwein will announce his new cabinet tomorrow and sources say Mr Ferguson, who pulled out of the leadership contest at the 11th hour, will be elevated to the demanding Treasury portfolio.

One observer said the new cabinet was "a moving feast".

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As well as Mr Ferguson's possible promotion, some say Braddon MHA Joan Rylah, a financial adviser, could be given a portfolio.

Former minister and Franklin MHA Jacquie Petrusma, who stood down from her ministerial duties last year for health reasons, is also in the mix as is MLC Jane Howlett who was elected to Prosser in 2018.

The surprise resignation of Premier Will Hodgman leaves Attorney-General Elise Archer as the sole Southern minister.

Economist Saul Eslake said many former premiers had continued as treasurers including Liberal leaders Tony Rundle, Ray Groom and Robin Gray.

"There's a lot of precedent for Mr Gutwein to stay on as Treasurer because with the exception of Will Hodgman and Jim Bacon every Premier since the 1950s has been Treasurer for some of their term," Mr Eslake said.

"I don't personally believe it's a good idea (to stay), one because of the amount of work and two the tensions between what the Treasurer might see as good economic policy and good politics as the Premier would see it.

"A cynic would say giving Treasury to Michael Ferguson would keep him busy and not plotting and it could also be seen as a healing gesture from Mr Gutwein."

With a tough May budget on the cards, offering the job of Treasurer to Mr Ferguson could be seen as a double-edged sword.

"It will be a difficult budget and we don't know yet what Tasmania's share of the GST will be but we do know the pool itself will be smaller," Mr Eslake said.

Labor member for Braddon Dr Shane Broad said the Cabinet reshuffle would reveal any deals done for Mr Gutwein to secure the job as Premier.

"Jeremy Rockliff will be safe and Michael Ferguson will no doubt be rewarded for dumping his leadership bid at the 11th hour," Dr Broad said.

"Nobody will blame Peter Gutwein for sending a message to poor performing minsters by removing them from their portfolios.

"He'll have a honeymoon period as a new Premier, but it won't last long. And if he fails to act now, he will regret not making changes when he had the chance."

Meanwhile, one of the world's leading researchers into fires Professor David Bowman from UTAS said it would be "great" to have a ministry devoted to climate change.

"I'm not a politician but it would make good sense for someone in government to be doing their homework and interacting with local government and the federal government on the policy challenges ahead," he said.

"It shouldn't be a poisoned chalice but a great opportunity at an exciting frontier for an ambitious politician.

"We're not so afraid to talk about climate change, it's not taboo, it is on the table because of the fires, drought and coastal erosion.

"It would be great to have a special ministry to look at the two big policy frontiers - decarbonisation where Tasmania has a role to play and adaptation where we empower people to change their behaviours."