Rep. Lee Won-wook; New Party co-chair Keum Tae-sup; Kim Yong-nam, chief policymaker at the Reform Party; and New Future Party co-chair Kim Jong-min (from L to R) hold a press conference at the National Assembly in Seoul, Friday. (Yonhap)

Four political parties and factions led by politicians who have left the ruling People Power Party (PPP) and the main opposition Democratic Party (DP) have agreed to merge into one new party ahead of the April general elections, officials said Friday.

The envisioned party, named the Reform Party, will be jointly led by former Prime Minister and DP leader Lee Nak-yon and former PPP leader Lee Jun-seok, according to the officials.

Lee, the former DP leader, will lead the new party's election preparation committee.

The move comes as political watchers have keenly followed whether the political parties will unite under the so-called big tent ahead of the parliamentary elections just two months away.

An official ceremony marking the merger is set to take place after the Lunar New Year holiday.