Turkish President Recep Tayyip Erdogan has signaled that he won't give the opposition party's leader the chance to try his hand at forming a government and said the country was "rapidly" heading toward new elections.

Prime Minister Ahmet Davutoglu returned a mandate to form a government Tuesday after his coalition-building efforts failed. Traditionally, other party leaders are given the opportunity.

Erdogan said Wednesday Turkey had no time to lose with those "who don't even know the address" of his palace. It was a reference to Kemal Kilicdaroglu, whose party has boycotted events at Erdogan's new 1,150-room palace.

The deadline for a new government ends this week. Erdogan reportedly wants new elections, hoping that the ruling party can win back a majority it lost in elections in June.