The Liberal Democratic Party is likely to hold its presidential election in mid-August, a little more than a month before Prime Minister Keizo Obuchi's term as party president expires, sources said Wednesday.

According to LDP rules, the election should be held around Sept. 20, but Koichi Kato and Taku Yamasaki, major LDP presidential aspirants, virtually agreed Wednesday to an earlier date.

Their acceptance effectively paves the way for Obuchi to serve another term as LDP president, as it comes when major factions are voicing support for Obuchi's re-election.