Acting President and Prime Minister Hwang Kyo-ahn will announce his decision not to run in the presidential election slated for May during a Cabinet meeting Wednesday, a source said.
The Cabinet meeting will be held at 2 p.m. at the central government complex in Seoul, the source said.
Hwang has long been bandied about as a potential stand-bearer of the conservative political camp that has been suffering from a dearth of viable contenders to take on liberal rivals, such as front-runner Moon Jae-in, a former leader of the main opposition Democratic Party.
Despite burgeoning speculation over his presidential ambitions, Hwang has remained noncommittal, saying he would "for now" focus on stabilizing state affairs hampered by the impeachment of former President Park Geun-hye over a corruption scandal.
During Wednesday's meeting, the Cabinet also plans to announce that the nation will hold the crucial election to pick Park's successor on May 9.
Last Friday, the Constitutional Court upheld the parliamentary impeachment of Park. By law, the country has to elect a new president within two months of the verdict. (Yonhap)