Greek socialists will this month open the process to elect a new party leader to succeed former Prime Minister George Papandreou, it was announced on Thursday.

During a marathon PASOK party meeting on Wednesday evening, Papandreou announced his intention not to run for the premiership in the upcoming early general elections expected to take place in March or April, making way for a new candidate, and quit as party leader after the polls.

He argued that this way the interim three-party coalition backed by PASOK will not be destabilized by party politics at a crucial time for Greece.

Papandreou has face increased pressure for a speedier succession process after he resigned as prime minister two months ago.

So far, Development, Competitiveness and Shipping Minister Michalis Chryssochoidis is the only party heavyweight who has openly announced that he will contest for the top post.

Former Labor Minister Louka Katseli and Deputy Prime Minister Theodoros Pangalos did not rule out their possible participations in the contest in statements to local media on Thursday.

Finance Minister Evangelos Venizelos who challenged Papandreou for PASOK's presidency four years ago, is expected to be a strong contender, according to local analysts.

Scion of a political dynasty in Greece that includes three premiers (his grandfather, his father and himself), Papandreou was elected party president in February 2004 and prime minister in October 2009 with a wide parliamentary majority.

His popularity faded ever since as his government implemented a painful austerity and reform drive to save Greece from default.