Damon Bossino, will be contesting the Gibraltar Social Democrats' leadership.
The deadline for nominations for the election of a new leader is set for Friday 17 November.
GBC understands the party executive met on Thursday evening to discuss the election loss and future planning, among other things.
Keith Azopardi says he wishes to continue to be leader.
This month's general election saw the GSD narrowly missing out to the GSLP Liberals.
Under the GSD Party Constitution, a Leadership Election needs to be held 12 Months after a General Election or at an earlier date if requested by the Leader.
This is Keith Azopardi's second election loss - when asked about it by GBC on election night, Mr Azopardi said he would need to take stock of the situation.
GBC understands the party's executive met on Thursday evening.
Mr Azopardi says he asked the Executive to put the Leadership Election process in motion.
To be eligible for nomination a Party Member has to have been a member of the Party for two years, be proposed by 20 Members and seconded by two Executive Members.
Mr Azopardi says he wanted to put the process in place now rather than wait 12 months because he thought it was important to do it at an early stage so that the Party can then concentrate on the necessary political work that needs to be done.
He has confirmed to the Executive that he wishes to continue as Leader, and has put his name forward for that process.