Four presidential hopefuls of the People Power Party --- (from left to right) People Power Party lawmaker Ahn Cheol-soo, former People Power Party leader Han Dong-hoon, former Labor Minister Kim Moon-soo and former Daegu Mayor Hong Joon-pyo -- pose for a photo ahead of a debate session in Seoul on Saturday. (Yonhap)
Four presidential hopefuls of the People Power Party --- (from left to right) People Power Party lawmaker Ahn Cheol-soo, former People Power Party leader Han Dong-hoon, former Labor Minister Kim Moon-soo and former Daegu Mayor Hong Joon-pyo -- pose for a photo ahead of a debate session in Seoul on Saturday. (Yonhap)

The People Power Party on Tuesday was set to shortlist two contenders for the party's candidate for the June presidential election, as the party is expected to make the final pick later this week.

Four contenders -- former Labor Minister Kim Moon-soo, People Power Party lawmaker Ahn Cheol-soo, former People Power Party leader Han Dong-hoon and former Daegu Mayor Hong Joon-pyo -- are competing to win the nomination for the June 3 election, which will determine the successor of ousted President Yoon Suk Yeol over his failed martial law bid.

The People Power Party is expected to announce the two contenders around 2 p.m., based on a combination of party member votes and public opinion polls.

If a contender garners a majority in the second round of the primary, he will be confirmed as the party's nominee. Otherwise, a final runoff between the two will be held to determine the standard-bearer.

The two contenders are scheduled to engage in debate sessions Wednesday, followed by an electorate vote and public opinion polling conducted over the following two days. The People Power Party's candidate will be confirmed at a party convention Saturday.

Opinion polls have shown that Democratic Party presidential candidate Lee Jae-myung has a strong lead.

Acting President Han Duck-soo is reportedly considering declaring his candidacy later this week.

Han, a veteran technocrat with no party affiliation, would need to run as an independent or coordinate with the People Power Party's nominee to represent the broader conservative camp.

The People Power Party contenders have shown openness to undergo another process to unify with Han if he enters the race, which is seen as a strategy to boost the conservatives' chances against Lee. (Yonhap)