On Wednesday, Italian Prime Minister Mario Draghi will be giving a speech that will be accompanied by a vote of confidence in his government, according to Italian media on Monday.

Draghi will be addressing the leaders of factions of the Italian parliament's lower house, and it will be followed by a discussion and a vote of confidence, according to the Italian newspaper Il Messaggero, citing the chairman of the Italian Chamber of Deputies, Roberto Fico. 

The first vote should take place in the upper house of the parliament, Italian news agency Askanews noted, remarking that the order of voting will be determined after both chamber's leaders meet up.

On Thursday, Italian Prime Minister Mario Draghi announced that he will resign amid a political crisis sparked by the refusal of the Five Star Movement to participate in a government confidence vote.

"I want to announce that this evening I will hand in my resignation to the president," Draghi told his cabinet.

He indicated that the conditions necessary to carry on with the coalition government were "no longer there," and the "pact of trust that the government is based on has gone."

In response, Italy's President Sergio Mattarella refused to accept Draghi's resignation, in a political crisis that experts warned could send the eurozone's third largest economy to snap elections.

Mattarella "did not accept the resignation, and invited the prime minister to appear before parliament to make a statement," the presidential palace confirmed, amid reports saying that Draghi would address parliament this week to see if he has the necessary majority to stay on.