The question on many people's minds is whether both posts will be filled by those from a military background.
Both former security advisor Kim Jang-soo and former head of the National Intelligence Service Nam Jae-joon came from the military, both having served as the Army Chief of Staff.
Despite the view of some pundits that the hard-line stances of the military-dominant security chiefs have further strained inter-Korean ties, the speculation is that President Park will tap the military ranks again for her new security advisor.
This amid North Korea's continued military and nuclear threat in the region.
Defense Minister Kim Kwan-jin is one of the names reportedly under consideration.
As for the next NIS chief, someone from the diplomatic or judicial community, who has experience with the spy agency could be nominated.
Possible candidates include former spy agency deputy director and current ambassador to Japan Lee Byung-kee and former prosecutor and current ambassador to China Kwon Young-se.
Both Lee and Kwon were close aides to the president during the 2007 and 2012 presidential elections.
However, the announcements could be delayed as both the ruling and opposition sides have raised concerns President Park's recent nominations for key posts centered too much around figures from the judicial community and Korea's southeastern region.
With her approval ratings rising after her recent apology over the ferry disaster and the local elections just a little more than a week away, the pending appointments come at a crucial point.
There's also speculation that a reshuffle within the presidential office could occur as early as this week.
Choi You-sun, Arirang News.