Turkish President Recep Tayyip Erdogan says he will call a new election — likely to take place on Nov. 1. — after the legal period for the formation of government ends at the end of this week.

Prime Minister Ahmet Davutoglu has already abandoned efforts to build a coalition government, following the failure of talks with the leaders of two smaller parties.

Turkey's opposition leader had asked Erdogan to give him the mandate to try and form a government but Erdogan said he has no time to waste and will call a new early election.

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