Nawaz Sharif was Saturday formally nominated as candidate for the position of Pakistan's prime minister by the newly-elected members of parliament, said sources in his Pakistan Muslim League-Nawaz (PML-N) party.
The party won majority seats in the May 11 general elections and is in a strong position to form the government, reported Xinhua.
Lawmakers of the PML-N, who met in Islamabad, formally nominated Sharif to lead Pakistan for the third time.
Sharif's name was recommended by a party leader Chaudhry Nisar Ali Khan during the meeting and was subsequently approved by the parliamentary party.
Sharif has served twice as prime minister and was elected member of the National Assembly after 14 years.
The National Assembly or lower house of parliament will elect the prime minister June 5.
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The PML-N meeting also discussed nominations for the positions of speaker and deputy speaker of the National Assembly.
The party nominated Ayaz Sadiq for the post of speaker of the National Assembly and Murtaza Javed Abbasi as deputy speaker.
Sadiq was elected from the National Assembly seat in the eastern Lahore city and defeated the Pakistan Tehreek-e-Insaf chief Imran Khan.
Elections for the posts of speaker and deputy speaker will be held Monday.
The PML-N also finalised all the names for the federal cabinet, PML-N spokesman Mushahidullah Khan said. He, however, did not disclose names of the would-be ministers.
Talking to reporters in Islamabad, he said non-development budget would be slashed by 30 percent.
Mushahidullah said that budget estimates would be made keeping in view of the financial position of the country.
The newly-elected members earlier Saturday took the oath that marks the beginning of the government's formation.