ISLAMABAD, Aug 24: Prime Minister Chaudhry Shujaat Hussain is likely to relinquish his office on Wednesday to allow Finance Minister Shaukat Aziz to be elected as new prime minister on Friday, sources told Dawn on Tuesday.

They said the new prime minister would take the oath of his office on Saturday and obtain a vote of confidence from the National Assembly on Monday.

A scheduled meeting of the parliamentary party of the ruling coalition convened by the prime minister to discuss the transfer of power could not be held on Monday. No reason has been given for the postponement.

With his resignation, Chaudhry Shujaat will be the first prime minister in the country's history to voluntarily leave the office under a plan. The planned transfer of power will be completed by Saturday when the new cabinet also is expected to take the oath.

The National Assembly speaker will notify a schedule for the election of prime minister on Wednesday evening and a special session of the lower house will be summoned on Friday afternoon to elect the new leader of the house.

Meanwhile, the ongoing National Assembly session would continue till Thursday, Deputy Speaker Sardar Yaqub told Dawn on Tuesday. He said he was unaware when the election schedule would be issued but the lower house proceedings would continue till Thursday.