Reasoning is essential for effective communication and decision-making. While recent advances in LLMs and MLLMs have shown that incorporating explicit reasoning significantly improves understanding and generalization, reasoning in LSMs remains in a nascent stage. Early efforts attempt to transfer the "Thinking-before-Speaking" paradigm from textual models to speech. However, this sequential formulation introduces notable latency, as spoken responses are delayed until reasoning is fully completed, impairing real-time interaction and communication efficiency. To address this, we propose Mini-Omni-Reasoner, a framework that enables reasoning within speech via a novel "Thinking-in-Speaking" formulation. Rather than completing reasoning before producing any verbal output, Mini-Omni-Reasoner interleaves silent reasoning tokens with spoken response tokens at the token level. This design allows continuous speech generation while embedding structured internal reasoning, leveraging the model's high-frequency token processing capability. Although interleaved, local semantic alignment is enforced to ensure that each response token is informed by its preceding reasoning. To support this framework, we introduce Spoken-Math-Problems-3M, a large-scale dataset tailored for interleaved reasoning and response. The dataset ensures that verbal tokens consistently follow relevant reasoning content, enabling accurate and efficient learning of speech-coupled reasoning. Built on a hierarchical Thinker-Talker architecture, Mini-Omni-Reasoner delivers fluent yet logically grounded spoken responses, maintaining both naturalness and precision. On the Spoken-MQA benchmark, it achieves a +19.1% gain in arithmetic reasoning and +6.4% in contextual understanding, with shorter outputs and zero decoding latency.