In a statement on Saturday, former Prime Minister of Italy Silvio Berlusconi announced that he had decided against running for presidential elections. Berlusconi is a polarizing figure in Italy, and the center-left bloc had already ruled him out for support.

"I have decided to take another step on the road to national responsibility, asking those who proposed it to renounce indicating my name for the Presidency of the Republic," Berlusconi said.

The likely outcome is the candidacy of Prime Minister Mario Draghi, although it is uncertain whether the broad coalition of parties will accept him.

Berlusconi stated that he wants the former European Central Bank president to lead the cabinet till the conclusion of the legislative term in 2023.

The controversial politician had been urged to run for president by the rightist coalition, but his candidacy was unlikely to succeed owing to challenges in garnering the broad support required among over 1,000 parliamentarians and regional delegates.

A tax fraud conviction in 2013 had him prohibited from public service and he is currently facing trial for a series of bribing cases in an underage prostitution case linked to his infamous explicit parties from more than a decade ago.

The Italian president has numerous ceremonial obligations, but he is also in charge of settling political problems, which is a critical position in a country whose administrations last only one year on average.

A two-thirds majority in any of the first three rounds of voting is required for the winner of the secret parliamentary vote. Following that, an absolute majority is required.

Because neither the center-right nor the center-left blocs have enough votes to impose a candidate from their respective camps, a compromise is required to avoid a protracted impasse.

Berlusconi's statement added that work would be done with the leaders of the center-right "to agree on a name that can gather a broad consensus in Parliament."