Turkey’s ruling party on Thursday chose Foreign Minister Ahmet Davutoglu to be its new leader and prime minister, to replace Recep Tayyip Erdogan when he takes the presidency next week.

Turkey's ruling party on Thursday chose Foreign Minister Ahmet Davutoglu to be its new leader and prime minister, to replace Recep Tayyip Erdogan when he takes the presidency next week.

Erdogan -- who has dominated Turkey's political scene for 11 years as prime minister -- announced the decision after an executive committee meeting of his Justice and Development Party (AKP) to decide on his successor.

The press has been abuzz for days with reports that Davutoglu was favored for promotion to become prime minister under Erdogan's presidency, which begins on August 28.

Davutoglu's nomination will be rubber-stamped by an extraordinary congress of the AKP on August 27 and he will take office a day later.

"The AKP's candidate for the party leadership on August 27 is foreign minister and member of parliament for Konya, Ahmet Davutoglu," Erdogan said to cheers from the party elite.

"I believe our candidate for party leadership and prime minister will realize the ideal of a new Turkey and the AKP's targets for 2023" when modern Turkey celebrates its 100th anniversary, Erdogan said.