Seoul: Democratic Party (DP) leader Lee Jae-myung is expected to step down from the party chairmanship on Wednesday, according to party officials Tuesday, as the nation prepares for a presidential election following the ouster of former President Yoon Suk Yeol.

According to Yonhap News Agency, Lee, who is considered the front-runner for the June 3 presidential election, plans to resign as DP leader after presiding over a meeting with senior lawmakers on Wednesday. Despite being a leading candidate, Lee has not yet confirmed whether he intends to run for the presidency.

Some officials within the Democratic Party anticipate that Lee may announce his presidential bid sometime next week. "He will decide on when to declare candidacy after considering various factors, including the timing of other candidates' announcements," a DP official mentioned.

The upcoming presidential election is crucial as it will determine the successor to Yoon, who was removed from office following his brief imposition of martial law in December. Lee, who narrowly missed out on victory against Yoon in the 2022 election, has been leading early polls despite facing ongoing legal challenges, including multiple trials related to corruption and other allegations.