The ruling Liberal Democratic Party is arranging to hold its presidential race on Sept. 20, with party president and Prime Minister Shinzo Abe seeking to win a third term to become Japan's longest-serving leader, party lawmakers said Thursday.

The LDP is expected to formally decide on the schedule in late August, and start the official campaign on Sept. 7.

The conservative party decided last year to extend the term limit on party leaders to three consecutive three-year terms from the previous two consecutive three-year terms, effectively enabling Abe to remain in the post until September 2021.