Tánaiste and Minister for Finance Brian Cowen this afternoon formally announced his candidacy for leadership of Fianna Fáil.
Barring a major surprise, he will be the only contestant by the time the nominations deadline expires at 2pm tomorrow.
The Fianna Fáil parliamentary party meets next Wednesday when Mr Cowen is due to elected to the position unopposed.
The Cabinet has already announced its support for Mr Cowen’s bid to succeed Bertie Ahern, who announced his resignation with effect from May 6th on Wednesday.
Green Party leader John Gormley and Progressive Democrats acting leader Mary Harney have both offered support for any Fianna Fáil minister for the position of Taoiseach, paving the way for the Dáil to elect Mr Cowen to head the Coalition government the following day.
The outgoing Taoiseach today declined to comment on who he favoured to succeed him but said his views on the matter were well known. Mr Ahern has previously stated that Mr Cowen was likely to succeed him as Fianna Fáil leader.
"It follows that I would be deeply honoured if my parliamentary colleagues determine that I should succeed the Taoiseach as party leader and to be their nominee for the then vacant position of Taoiseach." Tanaiste, Brian Cowen
Announcing his candidacy this afternoon, Mr Cowen said: "It is with the greatest possible respect for Bertie Ahern’s contribution to our party’s welfare and with genuine humility that I put my name forward.
"It follows that I would be deeply honoured if my parliamentary colleagues determine that I should succeed the Taoiseach as party leader and to be their nominee for the then vacant position of Taoiseach."
He was nominated by Minister for Justice Brian Lenihan and seconded by Minster for Agriculture Mary Coughlan.
"I have a deep and abiding affection and respect for my party, its history and traditions," he said.
"In my 24 years as a public representative I have come to appreciate the huge commitment and effort of the thousands of party members and supporters who are the lifeblood of the organisation.
"It is on their behalf that those of us who are members of the parliamentary party advance its interests and serve those of the public through our work in the Oireachtas."
It became apparent by mid-afternoon yesterday that Mr Cowen would become Fianna Fáil’s seventh leader since its foundation in 1926, when Minister for Foreign Affairs fell into line with fellow Cabinet members by declaring his support for Mr Cowen.
After Government Chief Whip Tom Kitt announced the procedures for the election last night, Minister for Transport Noel Dempsey became the last Fianna Fáil minister to declare his support for the Laois-Offaly TD.
Speculation grew today that Minister for Enterprise, Trade and Employment Micheal Martin may become finance minister if Brian Cowen becomes the next taoiseach as expected.