The conventional wisdom since state Democratic Chairman Jay Jacobs’ abrupt resignation decision has been that Executive Director Charlie King move up to replace him in the No. 1 slot.

There’s logic to that assumption. After all, King goes waaaaaaay back with Cuomo, serving under him at HUD, running as his LG in his ill-fated 2002 gubernatorial campaign and then, at then candidate-Cuomo’s request, serving as the official party attack dog during the 2010 campaign.

(Of course, there was that little bump in the relationship road when King challenged Cuomo in the 2006 AG’s race, but he ended up dropping out and backing Cuomo, so that’s all water under the bridge now).

I’ve heard from two highly-placed Democratic sources, however, that King is NOT in fact Cuomo’s choice to lead the party.

One source tells me King actually asked not be to considered because he wants to return to the private sector “well before” Cuomo’s 2014 re-election bid because he has some college tuitions to start saving for, which means whoever does replace Jacobs – and I haven’t managed to get any names confirmed yet – is going to have the opportunity to pick his or her new executive director fairly soon after taking control of the party.

It has been clear for some time that Jacobs’ days were numbered. Even Jacobs himself admitted as much when I talked to him briefly last night after news of his imminent departure broke in the NYT.

Another source insists nothing in particular is behind the timing of Jacobs’ departure, the administration just happened to “get around to it” now after kicking around the idea of a party re-organization for several months.

“The notion is they need someone acceptable to the state committee and the county chairs, not just someone pulled out of nowhere, but also someone who will elevate the profile of the party, someone real,” this source said.

And, of course, the person in question has to be loyal as the day is long to Cuomo, AND be able to raise money – although the governor is no slouch in that department.

It’s kind of hard to find someone with all those qualities. It will be interesting to see who the governor picks – or rather, has picked, because it’s highly unlikely the news of Jacobs’ resignation would have leaked if Cuomo didn’t have a replacement chair already lined up.

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