Lebanon's wealthy businessman and former Prime Minister Najib Mikati is poised to be designated Prime Minister on Monday after winning the support of most major parties to form a new government facing a crippling financial crisis, political sources said, according to Reuters.

Earlier, a club of former Lebanese Sunni prime ministers said on Sunday that they endorsed the choice of Mikati, who held the post twice, in yet another attempt to bring Lebanon's political deadlock to an end.

Mikati will be nominated as Prime Minister after Saad Hariri gave up the post when he failed to reach an agreement with President Michel Aoun on a Cabinet.

Hariri was among Mikati's endorsers, according to Reuters. A senior political source told the news agency most of the country's main parliamentary blocs agreed on designating Mikati. Unlike many Lebanese leaders, he does not hail from one of the many political dynasties but is one of the country's most successful entrepreneurs.

Lebanon has not had a government since the previous Cabinet resigned following the deadly port explosion that rocked the capital of Beirut last August. Over 200 people were killed in the blast, which also left thousands injured and devastated much of the city.

Aoun tasked Hariri with forming a new government this past October. Hariri had previously served as Prime Minister, but resigned in 2019 following a wave of protests, which at times turned violent.

Mikati previously served as Lebanon’s Prime Minister from 2011 to 2014. In 2013, he resigned from the post citing divisions on several issues.