Former Democratic Party(DP) chair Lee Nak-yon, who is set to announce the formation of a new party, will withdraw from the main opposition later this week.

According to an official from Lee's office, the former DP chief will formally leave the party with a press conference at the National Assembly on Thursday, following up on an announcement while visiting the May 18th National Cemetery in the southwestern city of Gwangju on Sunday.

Lee Nak-yon's departure would come less than two weeks after he held talks with the current DP chair, Lee Jae-myung.

The move would make Lee Nak-yon the second former chief from either party to defect after former People Power Party(PPP) leader Lee Jun-seok, who left the ruling camp to form his own party.