Putting an end to the guessing game, incumbent President Vladimir Putin on Monday endorsed the proposal by the United Russia party, Fair Russia, the Agrarian party and the Civil Force party to nominate First Deputy Prime Minister Dmitry Medvedev as candidate for President.

The announcement was made by the chairman of the United Russian party Boris Gryzlov at a televised meeting of the leaders of four parties with Putin. “I know him for 17 years and fully support this proposal,” Putin said.

After the meeting, Gryzlov said, Medvedev will be officially nominated for President at the United Russia party congress on December 17.

“The congress will nominate Medvedev for President. We hope, the other three parties will support the United Russia candidate,” he said, adding the necessary consultations on this would continue and “the party congress would give final approval”.

Medvedev, 42, a former lawyer hails from Putin’s native town St Petersburg. He managed Putin’s presidential election campaign in 2000. Later on Putin appointed him chief of the Kremlin staff.

Currently, he is the chairman of the Russian oil and gas monopoly Gazprom and as First Deputy Prime Minister looks after key national projects including agriculture, housing, health and education.

Political analysts said the overwhelming support for Putin in Russia makes Medvedev likely to win the presidential poll when Putin steps down. Putin has made it clear he will retain a significant national leadership role after he leaves office.

After the announcement, the Russian stock market surged, led not only by Gazprom shares but also obviously boosted by the end of long uncertainty over Putin’s successor. Medvedev is seen by markets as business-friendly and less hawkish than his Kremlin peers, but analysts said Putin would be the real power in the land.

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