Egypt`s former Prime Minister Kamal el-Ganzouri has initially accepted the request by the ruling military council to form a new government after the resignation of Essam Sharaf, a military source told Xinhua reporter late Thursday, according to Xinhua.

The military has so far not officially announced the plan. Earlier, Egypt`s private Hayat TV channel reported that the military council appointed Kamal Ganzouri as the new prime minister and tasked him with forming a new government to salvage the unrest-rattled country.

State TV said earlier Thursday Ganzouri had a meeting with military rulers including Field Marshal Mohamed Hussein Tantawi, head of the Supreme Council of the Armed Forces.

Ganzouri headed the Egyptian government under the Mubarak regime from 1996 to 1999.

Under pressure from protestors, Sharaf, who was appointed the post in March, tendered the cabinet resignation to the military council on Sunday.

Tantawi announced in a televised speech on Tuesday he accepted the resignation, but asked Sharaf cabinet to continue to work until a new one is formed.

The military council also announced the presidential elections will be held by July 2012.

Since Friday, large protests have continued in Cairo and some other major cities, urging the military to hand over power quickly. According to the Health Ministry, 38 have died and more than 3,000 were injured during clashes in the protests.

Tantawi said in his speech that "the military does not expect to keep power" and that the military "is ready to hand over power immediately if people wish so" through a referendum.

The ruling military said the parliamentary elections slated for Monday will be held on schedule.