UNP Leader Ranil Wickremesinghe has decided to step down from his position after a landslide defeat at the Parliamentary election.

UNP General Secretary Akila Viraj Kariyawasam, a close ally of Wickremesinghe, confirmed the party leader's decision to resign from the post.

Ravi Karunanayake, Akila Viraj Kariyawasam, Daya Gamage and Vajira Abeywardena have been proposed as suitable candidates for the party leadership.

The UNP Working Committee will meet on Wednesday to make a final decision on the new party leader.