No. 1 John Kerry
Massachusetts Senator John Kerry is on Obama's short list for Secretary of State, perhaps the front-runner. His name has been floated in the media as soon as Obama was elected, maybe as a trial balloon.
Kerry was one of the earliest and most enthusiastic Obama endorser/supporters. He backed Obama as early as January when most of the Democratic bigwigs were sitting on the fence or were supporting the candidacy of Hillary Clinton.
Kerry is the third-ranking Democrat on the Senate's Foreign Relations Committee. His foreign policy credentials are not overwhelming, but is apparently someone who'd be willing to work with Biden. There were speculations that Kerry traded his early support for Obama based on an understanding that he'd be selected for this post.
If Kerry were to accept the assignment, then Massachusetts must hold a special election to replace him. Kerry had just soundly defeated Republican challenger Jeff Beatty to win a fifth term in the Senate, and while campaigning he frequently dismissed questions about whether he intended to serve out his term.