Former Italian Prime Minister Silvio Berlusconi decided not to run for president, said a source from his party Forward Italy, writes Reuters.

A meeting between center-right Italian parties ahead of the parliamentary vote, which begins on January 24th, is still ongoing.

The center-right bloc includes the League, the Brothers of Italy and Berlusconi's Forward Italy party.

Billionaire with presidential ambitions: Return of the "written off" Silvio Berlusconi

Dragi and Berlusconi were considered the main candidates

The Italian parliament is due to begin electing a new president on Monday, with the most frequently mentioned candidates being the current prime minister. Mario Draghi and former Silvio Berlusconi.

The former prime minister, 85, has long sought to crown his career as president, but most observers do not believe he will get enough votes.

Although a largely ceremonial task, the Italian president has significant powers in times of political crisis - from dissolving parliament to electing a new prime minister and relinquishing mandates from fragile coalitions.

Italy goes to the polls on January 24, Dragi and Berlusconi possible candidates