The 39-year-old said today that he expects to officially accept the leadership on Saturday, after a round of intense talks with political leaders including former premier Silvio Berlusconi, whose party will be in opposition.
He will then present himself before parliament at the start of next week for a vote of confidence.
But it appears the former Boy Scout has already lost the confidence of many Italian voters, with 65 per cent describing his abrupt ouster of Enrico Letta at the helm of the leftist Democratic Party as a "blow to democracy", according to a poll published today in La Stampa daily.
A separate poll carried out by the Ipsos institute earlier this week showed only 31 per cent of those surveyed thought a Renzi government would be good for the country.
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Currently the mayor of Florence, he will become the European Union's youngest prime minister when he takes office.
"After a difficult day and a half of consultations, I am convinced the conditions are in place to do an excellent job," a tired-looking but smiling Renzi said as he wound up the consultations after being nominated prime minister designate on Monday.
Renzi has promised to overhaul the job market, education and the tax system in his first few months in power in order to get the eurozone's third largest economy moving again -- though critics say the details are sketchy.
The Tuscan politician said he expected to form a coalition made up of his own centre-left Democratic Party (PD), centrists and the small centre-right NCD party.
Berlusconi confirmed that his centre-right Forza Italia party would remain in opposition but said he would support Renzi's new government if "its plans are in the interests of Italian citizens".