Löfven is to address parliament later on Monday morning, and present his new coalition government with ministers representing his Social Democrats and the Green Party.
Three of the most recognizable names expected to stay on as ministers in the new term are Social Democrats Foreign Minister Margot Wallström, Defence Minister Peter Hultqvist and Labour Market Minister Ylva Johansson, according to Swedish news agency TT.
Another three are leaving their posts and will need to be replaced. They are Education Minister Gustav Fridolin who is standing down as Green Party leader, Social Democrat Migration Minister Heléne Fritzon and Culture and Democracy Minister Alice Bah Kuhnke of the Greens, who are both running for the European Parliament in that election in May.
Some of the ex-ministers rumoured to be on the shortlist for a potential return to cabinet are Anders Ygeman (forced out as interior minister in 2017 over an IT leak at Sweden's Transport Agency) and Aida Hadzialic (who chose to resign in 2016 after she was caught driving while slightly over the limit), both Social Democrats.
Sweden has never before gone this long without a new government after an election.
POLITICS Q&A: Who has been running Sweden since the election?
The 131-day deadlock only ended when Löfven struck a cross-bloc deal with the Centre and Liberal parties, who will allow him to govern in exchange for slightly more right-wing economic policies.
Some of the proposals in the deal include abolishing rent controls on newly built apartments, and introducing language and civics tests for would-be citizens.