Turkey's high election board has proposed holding a new election on Nov. 1, after efforts to form a government failed.

The state-run Anadolu Agency said the proposal was submitted to representatives of Turkey's four main political parties on Thursday.

Prime Minister Ahmet Davutoglu abandoned efforts to build a coalition government on Tuesday, following the failure of talks with the leaders of two smaller parties. The deadline for forming a new government ends this week. President Recep Tayyip Erdogan has signaled that he does not plan to give other party leaders the chance to form a government.

Erdogan reportedly favors an early election hoping that the ruling party which he founded can regain the majority it lost in the June election.