Ukraine's pro-presidential Party of Regions will elect its new leader during a party congress on Friday.

The party's former chairman, incumbent Ukrainian President Viktor Yanukovych, will officially resign from the post during the congress. Yanukovych is barred by the Constitution from heading a political party.

He already suspended his membership shortly before being sworn in as president on February 25.

There have been numerous speculations on who will take over the post. Prime Minister Mykola Azarov, deputy prime minister for economic issues Sergei Tigipko and deputy prime minister for hosting Euro-2012 Borys Kolesnykov are seen as most likely candidates.

KIEV, April 23 (RIA Novosti)