Tubman, who was born into slavery and grew up on a Maryland plantation before escaping in her late 20s, would replace Andrew Jackson, the seventh president of the United States, on the front of the $US20 bill.
Tubman returned to the South many times to help hundreds of slaves to freedom and later worked as a Union spy during the Civil War. She died in 1913.
There have been no women depicted on US bills since former first lady Martha Washington, who was featured on the $US1 silver certificate from 1891 to 1896, and Native American woman Pocahontas, who was included in a group image on the $US20 bill from 1865 to 1869.
Other women, including Native American interpreter Sacagawea, suffragist Susan B. Anthony and author and activist Helen Keller have been featured on coins.
Jackson has been criticised for his ownership of slaves and treatment of American Indians. In the redesign announced that had been announced in 2016, he would have remained on the back of the $US20 bill.
Treasury officials had no immediate comment.
Reuters