Ahn Cheol-soo, a former presidential candidate and independent lawmaker, plans to announce the creation of a new political party in the coming week, a close aide said, Sunday.
"Preparations for the party's formation have made significant progress and it will be announced around Nov. 24, although the exact date has yet to be set," said the aide. "We will let the public know the exact date soon."
Insiders say the entrepreneur-turned-politician is planning on completing the process of the creation by February next year so as to field candidates for the local elections.
Candidate registration for the June 4 elections begins in February.
The 51-year-old first-term lawmaker has long indicated that the local elections will be a major chance for his supporters to gain a foothold in the political landscape currently controlled by the ruling Saenuri Party and main opposition Democratic Party (DP).
Ahn earlier flatly denied any alliance with liberal forces including the DP in the upcoming elections.
His envisioned party is widely expected to cause a heated battle for leadership within the opposition camp.
"One year has passed since his resignation as a presidential candidate but there is no change in the political scene," another aide was quoted as saying. "By announcing the creation of a new party, Ahn will stress the importance of political reform."
The former anti-virus software mogul has been synonymous with political reform since his entry into politics last year.
In late June, Rep. Ahn offered his vision of a new political party centered on civic freedom and a fair society, saying, "We must restore the community of coexistence through structural reforms in various sectors across society," he said.
Earlier this month in a lecture, he also said "a multi-party structure serves the people better because in a two-party system, politicians only focus on criticizing each other's policies."
Ahn was elected to parliament in April's by-election after he dropped out of last year's presidential race to boost the chances of the main opposition candidate.
He withdrew from the race to back opposition candidate Moon Jae-in, who lost to the then ruling-party candidate Park Geun-hye.
Ahn has long been a focus of media attention as he enjoyed huge popularity among young and liberal voters ahead of the Dec. 19 presidential election, posing a serious challenge to the political establishment.