KIEV, July 24 (RIA Novosti) - Ukraine's president will announce his decision on the future of the nation's parliament and government within the timeframe as set under the Constitution, the presidential press service said Monday.

Under the Constitution, if parliament fails to form a new government by midnight tonight, when the deadline of 60 days after the current assembly's first session expires, the president has the right to disband parliament and call a new election.

Ukrainian President Viktor Yushchenko has until August 2 to decide whether to back the candidacy of his former arch rival Viktor Yanukovich for prime minister.

The parliamentary coalition led by the pro-Russia Party of Regions submitted the candidacy of its leader, Yanukovych, to the president on July 18. By law, the president must decide on the potential prime minister within 15 days of this date.

President Yushchenko said at a meeting with Foreign Minister Borys Tarasyuk, "This decision will be based on the Fundamental Law, taking into account all factors in the difficult political situation that has arisen."

The opposition Yulia Tymoshenko Bloc has been pushing the president to choose the alternative available under Ukrainian law: to reject Yanukovych's candidacy, dissolve parliament, and call new elections.