The Providence Journal reports that Chafee selected Julie Gearan to paint his portrait.
The Rhode Island State Council on the Arts made the announcement.
The Democratic governor's term ends in January and he has announced that will not seek re-election. State law says a portrait shall be painted of each governor before he leaves office.
Gearan will be paid $15,000.
She teaches part time at the Rhode Island School of Design and Roger Williams University. She won a Merit Award Fellowship in Painting from the arts council in 2007.