In remarks released on Wednesday, MP from KDP Ashwaq al-Jaf said the presidency of Masoud Barzani would end on November 1, the Arabic-language al-Alam news network reported.
Barzani has clearly declared that he would not accept another term in office, the Kurdish parliamentarian added.
Barzani has also announced that neither he nor any of his family members will be nominated for the presidential post, he noted.
The election of a new president of the Kurdistan Region is under the authority of the Iraqi Kurdistan Parliament, Jaf said.
People in the semi-autonomous Kurdish region of northern Iraq voted for independence on September 25 in a controversial referendum, amid rising tensions and international opposition.
The referendum set off a chain of events, culminating in a military confrontation between Erbil and Baghdad.
Iraqi government forces launched a major operation in Kirkuk on October 16 and took control of its oil fields and a strategic military base without any armed clashes.
Analysts believe that the decision to hold the referendum in the face of near-universal condemnation was a colossal miscalculation, saying Barzani has undermined his legitimacy.
KRG announced on Wednesday it is prepared to freeze the results of the referendum.