Will JPMorgan chief Jamie Dimon be our next Treasury Secretary?

A report in The New York Post suggests that Jamie Dimon, CEO of JPMorgan Chase (JPM), could be the logical replacement for current U.S. Treasury Secretary Timothy Geithner. The paper's sources indicate that "a number of policy makers have begun mentioning Dimon as a successor to Geithner, whose standing in Washington has suffered because of the country's high unemployment rate, the weakness of the dollar, the slow pace of the recovery and the government's mounting deficit."

Meanwhile, reports the Post, Dimon has emerged as one of the heroes of the financial crisis, "having navigated JPMorgan through the recession and being a go-to guy when Uncle Sam last year needed Wall Street's help during the collapses of Bear Stearns and Washington Mutual."

As evidence that such a move could be imminent, the newspaper reports that Dimon recently put a succession plan into place at JPMorgan Chase. However, the CEO has apparently told his associates that he plans to stay on at the bank for "six or seven years" longer. A spokesman for the Dow component declined to comment on the Post's speculation.

In morning trading, JPM is following the broader equities market higher. The stock was up more than 2% at last check, adding to its year-to-date advance of roughly 34.7%. Since late March, the shares have cruised higher along support from their 20-week moving average.

In response to the equity's uptrend, option traders have slowly started to gravitate toward bullish bets on the stock. During the past 10 days, speculators on the International Securities Exchange (ISE) have bought to open 1.43 calls for every put on JPM. This ratio ranks higher than 70.7% of other such readings taken during the past year, revealing that calls are being snapped up over puts at a faster pace than usual.