The ruling People Power Party was set to hold a national convention Wednesday to pick a new leader to head the party through next year's general elections and help move President Yoon Suk Yeol's agenda forward.

Yoon plans to attend the convention expected to draw as many as 10,000 party members, an indication of his keen interest in the race. It will mark the first time for the president to attend a national convention of the ruling party since former President Park Geun-hye did so in 2016.

Rep. Kim Gi-hyeon, widely considered Yoon's favorite, is leading the race by a relatively large margin, according to opinion polls. A focus of attention is on whether Kim has secured a majority in the first vote to head off a runoff.

The People Power Party held a four-day vote through Tuesday, with 461,313 of the 837,236 paying party members casting their ballots by either mobile- or voice-based voting, registering an all-time high turnout of 55.1 percent.

The race carries added significance as the new leader will be tasked with taking back majority control of the National Assembly from the main opposition Democratic Party in next year's elections, and could affect decisions who should be given the party nominations next year.

Yoon's office has been closely watching the race as it wants a Yoon loyalist to lead the party and help push his agenda in the National Assembly, after key policies fell through in the face of the opposition-controlled parliament since he assumed office last year for a five-year term.

Kim's biggest rival is Rep. Ahn Cheol-soo, who dropped out of last year's presidential race to back Yoon. The two other contenders are former Prime Minister Hwang Kyo-ahn and lawyer Chun Ha-ram, an ally of ousted People Power Party leader Lee Jun-seok.

Kim emphasized his ability to smoothly communicate with the presidential office, while Ahn stressed that he can guide the party to victory based on his experience of running for president. Chun has branded himself as the person to reform the party, and Hwang has appealed to traditional conservative supporters.

The People Power Party is expected to announce the winner around 4:45 p.m.

But in the event of a runoff vote, the party will announce the new leader Sunday. (Yonhap)