Kathmandu: Nepal President Bidya Devi Bhandari on Monday called on the political parties to form a new majority government after efforts to install a new government based on consensus failed on Sunday. The President's Office sent a letter to the Nepal Parliament on Monday, urging it to begin the process for the election of a new Prime Minister on majority basis as the seven-day deadline given to the parties for consensus expired on Sunday without any headway. Speaker's press adviser Babin Sharma said the Speaker has received a letter from the President's Office regarding the election of a new Prime Minister as per Article 305 and Article 299(3) of the Constitution. Parliament is preparing for the election of the Prime Minister on Wednesday, Sharma said. A panel to be headed by the Secretary General of Parliament will conduct the election for the Prime Minister and, according to parliamentary procedure, aspiring candidates shall have to register their names on Tuesday. CPN (Maoist Centre) Chairman Pushpa Kamal Dahal Prachanda -- who is supported by the Nepali Congress, the largest party in the House -- is all set to become the new Prime Minister. The second largest party CPN-UML is also fielding its candidate for the Prime Minister's post and it is likely that deputy parliamentary party leader Subash Chandra Nembag will contest the election. K.P. Oli, the outgoing PM, who is also the Chairman of CPN-UML, is unlikely to contest. After Prime Minister Oli tendered his resignation on July 24, President Bhandari had called on the parties to form a new government on the basis of consensus.