Helmy, a friend and longtime Murphy ally, will be formally offered the job on Thursday and his appointment is expected to be announced Friday before Murphy departs the state for the Democratic National Convention.
The news was first reported by the NJ Globe.
Murphy opted for a caretaker for the position when the embattled senator's resignation will take effect on August 20.
Murphy opted not to appoint a member of the state's congressional delegation to fill the remaining months of Menendez's term, so as to not upset the delicate balance of the Republican-led house.
Rep. Andy Kim, currently running as the Democratic party's candidate for the seat in November's general election, was eliminated from consideration.
First Lady Tammy Murphy, who dropped out of a bruising primary against Kim, also took her name out of contention.
Gov. Murphy may not reveal his pick ahead of the official announcement. Just an hour before the news of his selection broke Wednesday night, Murphy remained non-committal during an "Ask Governor Murphy" program on public radio, saying only, "We'll have news sooner or later on that."
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