Stevens, one of the oldest and longest-serving justices in history, sent a letter notifying Obama of his retirement this summer. Stevens, who turns 90 in 11 days, joined the court in 1975 after being appointed by President Gerald Ford.
An administration official said Obama was considering about 10 potential nominees to replace Stevens.
At the White House, Obama paid tribute to Stevens and said his nominee, like Stevens, would know that powerful interests must not be allowed to drown out the voices of ordinary citizens.
“I will seek someone in the coming weeks with similar qualities — an independent mind, a record of excellence and integrity, a fierce dedication to the rule of law, and a keen understanding of how the law affects the daily lives of the American people,” Obama said.