Mexico's ruling party is preparing to select a former head of the country's electricity agency as its new leader.

The Institutional Revolutionary Party said in a statement that Enrique Ochoa was the only one to meet all requirements ahead of the deadline. His selection was expected to be ratified Tuesday.

Ochoa recently resigned from the Federal Electricity Commission to pursue the party presidency. He would replace Manlio Fabio Beltrones, who resigned following the party's dismal showing in state elections in June.

The party governed Mexico for more than seven decades until 2000. It regained the presidency in 2012 with the election of Enrique Pena Nieto.

Ochoa is close to Pena Nieto and becoming party leader would make him a contender to be its presidential nominee in the 2018 election.