The Italian Parliament will start voting on Jan. 24 for a new president, with Prime Minister Mario Draghi widely expected to take over despite the risk of destabilizing the country's post-pandemic recovery.

The role of Italy's head of state is largely ceremonial except in times of political crisis when the president plays a crucial arbitrating role.

Roberto Fico, the speaker of the chamber of deputies, convened a session for Monday, Jan. 24, at 2 p.m. GMT "for the election of the president of the republic," a statement from the lower parliamentary chamber read.

President Sergio Mattarella, an 80-year-old former judge, will complete his seven-year term on Feb. 3.

There are no official candidates yet to succeed him, but Draghi, a former European Central Bank chief who was parachuted a year ago to lead a national unity government, is widely considered the favorite.

Draghi, 74, has not confirmed his interest but at an end-of-year press conference last month, he left the door open to a move to the Quirinale Presidential Palace.

Former Prime Minister and billionaire media tycoon Silvio Berlusconi has also been sounding out support for his own candidacy, although he faces significant opposition.

The winner is chosen through a secret ballot of around 1,000 electors comprising senators, members of the chamber of deputies and representatives of Italy's 20 regions.

They must secure at least two-thirds of the votes in the first three rounds or more than half thereafter.

Other potential candidates include former Lower House Speaker Pier Ferdinando Casini, the European Union Commissioner and former Premier Paolo Gentiloni, former Socialist Premier Giuliano Amato and Justice Minister Marta Cartabia – who, if successful, would be Italy's first female head of state.