Al-Wasat Party decided on Sunday to endorse the presidential bid of Abdel-Moneim Abul-Fotouh.
The decision was unveiled after 63 % of the members of the moderate islamist party voted for the former Muslim Brotherhood leader, while 23 % voted for Islamic intellectual and judicial expert Selim El-Awa, according to a party press release.
The prominent Islamist activist, Abul-Fotouh, was expelled from the Brotherhood shortly after announcing his intention to run for president in June 2011, thereby going against the group's decision at the time not to field a presidential candidate.
The Brotherhood later backtracked on their decision and announced Khairat El-Shater as their candidate – the man who is widely believed to be responsible for Abul-Fotouh's expulsion from the Brotherhood.
The first round of Egypt's presidential elections will take place on 23 and 24 May and the president will be named on 21 June after a runoff-voting round, if needed, on 16 and 17 June.