Mairead McGuinness and Andrew McDowell have been nominated as candidates for the role of EU Commissioner.
The position became vacant after Trade Commissioner Phil Hogan resigned his position last month, a week after attending an Oireachtas Golf Society Dinner in County Galway.
In a statement today, the Government said it believes that both candidates are "of the highest calibre, possessing the necessary competence, independence and European commitment to serve in the role of Commissioner with distinction".
The Commission President Ursula von der Leyen will now consult with the European Parliament on who should be appointed to the role.
The decision to put forward two candidates to replace him came after Ms von der Leyen asked the Government to nominate a woman and a man for the role.
It was initially hoped Ireland could hold on to the crucial trade portfolio with Brexit on the horizon; however that now looks increasingly unlikely.
The trade role is usually reserved for second-term commissioners and President von der Leyen is now expected to reshuffle her team with Ireland handed a less high-profile position.
The Foreign Affairs Minister Simon Coveney was initially among the frontrunners for a nomination; however, he opted not to put his name forward after the prospect of retaining the trade portfolio receded.
Speaking this afternoon, the Tánaiste said he was pleased Minister Coveney would be remaining with the Government.
“He is somebody of enormous ability and certainly would have been a top-class commissioner had he decided to go for it,” he said.
“For Ireland and for the Government, I am really glad he is staying quite frankly. He is somebody we need; somebody we need as we enter the next stage of Brexit.”
President von der Leyen has so far failed to follow through on her aim of having a gender balanced European Commission - with women holding 11 of the 26 positions before Mr Hogan resigned.
She made reference to the issue when inviting the Irish Government to nominate two candidates to replace him.
"As in the past, I will invite the Irish Government to propose a woman and man," she said.
"Executive Vice President Valdis Dombrovskis will assume interim responsibility for trade matters and, at a later stage, I will decide on final allocation of portfolios in the College of Commissioners."
Additional reporting by Jack Quann and Michael Staines