Former European Commissioner Mario Monti has won growing support to succeed Prime Minister Silvio Berlusconi.
The respected economist is known as a tough negotiator with connections to top European policy makers.
He is seen by many as the most likely head of a caretaker government of Technocrats, which could pass vital reforms. Both the current ruling party the PDL and President Napolitano back the appointment.
Italian President Giorgio Napolitano said:
“Italy is facing a very difficult time and choices which are politically arduous are needed in order to manage and balance the budget while kick-starting economic and social growth. Europe is urgently waiting for important signs of a full assumption of responsibility”.
Opposition party the Northern League are against an unelected National Unity Government.
The candidacy has however, been pushed by the markets who want a stable figure to carry out painful austerity measures and appease anxious Euro zone members. A decision could be reached by the weekend.