Speculation is growing that ASX chairman David Gonski may become the next chairman of Australia’s $73 billion Future Fund.

Former Commonwealth Bank CEO David Murray is due to step down at the end of the month after six years as chairman.

The federal cabinet will consider the appointment in the next few days.

Gonski recently handed down a review on Australian education funding.

Liberal Party shadow treasurer Joe Hockey said he would be disappointed if former Howard government treasurer Peter Costello was not appointed the Future Fund chairman.

"It seems petty politics that Peter Costello would not be appointed," Hockey told Sky News. "Even Kevin Rudd was fair dinkum enough to appoint him to the Future Fund board – the Future Fund that he established."

He admitted Gonski had been a terrific servant of the Australian community.

"He is a formidable character and quite frankly I'd welcome his appointment if it's to be the case," Hockey said.

The Future Fund was established in 2006 by the Howard government to assist future governments to meet the cost of public sector superannuation liabilities.

Gonski was was born in South Africa and immigrated to Australia with his family at the age of eight. He has worked as a solicitor, merchant banker, university lecturer and chancellor of the University of NSW. He is also the chairman of Coca-Cola Amatil and Ingeus Limited and holds directorships in several other companies.