Al-Wasat Party chairman Abul-Ela Madi will attempt to broker a deal between Abdel-Moneim Abul-Fotouh and Mohamed Salim El-Awa whereby one of them will withdraw from the presidential race and accept the job of vice president.
In a statement, the party said the plan was decided at a meeting of its high committee on Sunday.
The party had already endorsed El-Awa's bid but said it had decided to mediate between the two candidates due to "recent political developments and the bureaucratic procedures adopted by the high presidential elections commission, which include the requirement for candidates to collect powers of attorney."
According to the presidential law, every candidate needs 30 thousand signatures collected from at least 15 governorates, or the nomination of 30 MPs.
Both Abul-Fotouh and El-Awa are among the strongest moderate Islamist presidential candidates.