Others in the race include state Finance Minister Indira Hridayesh.
The decision to replace Bahuguna was taken at a meeting Congress chief Sonia Gandhi had with senior party leaders on Wednesday.
However, PCC sources here said Rawat's name as Bahuguna's replacement is almost final but a formal announcement in this regard will be made only after a meeting of the Congress Legislature Party is held here in the presence of party's central observers.
Bahuguna's ouster after 22 months in office is being seen as a move by the party to go to the Lok Sabha polls under a strong leader.There are five Lok Sabha seats in the state. Delegations of MLAs and other Congress leaders from the state have been regularly meeting central party leaders here over the past six months to press for Bahuguna's ouster.
The Congress, with 33 members in the Assembly, enjoys the support of the seven-member Progressive Democratic Front that comprises three independents, three members of the BSP and one MLA of the Uttarakhand Kranti Dal. The remaining 30 MLAs are of the BJP.
