Major political parties have already nominated their respective candidates for the premier slot.
The ruling Pakistan Muslim League-Nawaz (PML-N) has selected former petroleum minister and veteran politician Shahid Khaqan Abbasi as its candidate for prime minister.
Other candidates in the run include PPP's Syed Khurshid Shah and Syed Naveed Qamar, PTI's Sheikh Rashid Ahmad, Jamaat-e-Islami's Sahibzada Tariqullah and MQM's Kishwar Zahra.
Speaker National Assembly Sardar Ayaz Sadiq scrutinized the nomination papers and found nomination papers of all the candidates in order.
Although the PML-N holds a majority in the National Assembly and can easily elect its own candidate with just its members, the opposition intends to 'put up a fight'. However, the opposition parties' meeting on Monday failed to result in agreement over a joint candidate.
At present, there are three seats empty, including the one of former Prime Minister Nawaz Sharif, in the 342-seat Lower House of the Parliament.
It is likely that all of the remaining 339 members will take part in today's voting process. A candidate will have to secure minimum 172 votes in the house of 342 to win the election.
President Mamnoon Hussain will administer oath to the newly elected Prime Minister.