A day after embattled Democratic Party of Japan President Ichiro Ozawa abruptly announced he plans to resign, the top opposition party scrambled to set the stage for electing its next leader.

The DPJ decided to hold its presidential election Saturday. The winner, if the party prevails in the Lower House election that must be held by fall, could become prime minister.

As of Tuesday, only two key names were being floated — DPJ Secretary General Yukio Hatoyama and former President Katsuya Okada — although neither had officially declared his candidacy.