Prime Minister Ranil Wickremesinghe is currently acting as the interim president of the nation.

Ranil Wickremesinghe has been nominated for the role by the ruling party and is being seen as the frontrunner.

However, protesters even agitated against Ranil in recent days and want him to go.

A total of 225 parliamentarians are eligible to vote on Wednesday. If a contender receives more than half of the preferential vote, they win the position outright, reports BBC.

Wickremesinghe faces a strong challenge from Dullas Alahapperuma, a dissident ruling party MP backed by the main opposition.

Whoever is elected by parliament will have a mandate to serve out the rest of Rajapaksa's term, which ends in November 2024.

Sri Lanka is effectively bankrupt and facing acute shortages of food, fuel and other basic supplies and therefore, the country needs a stable government to continue stalled negotiations with the International Monetary Fund (IMF) for a bailout package.

Rajapaksa's administration and family, which has ruled the country for nearly two decades, have been blamed for the current crisis.

He fled to the Maldives last week after crowds took over government buildings, demanding political leaders - including Wickremesinghe - step down.

Rajapaksa then flew to Singapore and officially resigned late on Thursday.