People in Leicester have five months to decide whether they want an elected mayor to run the city.

If they agree to the idea, it means anyone in the city will be able to put themselves forward for the post.

Elections would be likely in May and the winning candidate would lead the city council for four years, supported by a cabinet of councillors of their choosing.

Sir Peter Soulsby, Leicester South MP, said Leicester City Council had to start consulting the public in the next few weeks for a decision to be made in time.

He said: "I'm very much in favour of the mayoral position – it's much better that we have a system where the people can decide who is going to be in control of the council, rather than the political group."

The mayor would have the same powers as the current council leader – for example deciding where money is spent, marketing the city, and overseeing the buying and selling of council assets.

The role would be different to the city's traditional Lord Mayor post, which is ceremonial.

The alternative would be to remain with the current system of a leader who is appointed by councillors and backed by a cabinet. However, the leader would also remain in post for four years instead of being re-elected by councillors annually.

Under the Local Government and Public Involvement in Health Act 2007, Leicester must make a decision on the two political models before December 31.

The law states the chosen system must be implemented by May next year. At the moment a leader chooses their cabinet from within their party – but in theory an elected mayor could choose any councillor they wanted in the cabinet.

Local Government expert Professor Colin Copus, of De Montfort University, explained how the process could work.

He said: "First there will be a consultation. "If that points towards a mayoral system then a referendum would take place where people could vote for or against the position of mayor.

"Candidates would then be chosen by their parties, outside organisations or independents would come forward.

"After all achieving the required number of nominations an election would be held, usually on the same day as council elections."

The system is not the same as a directly elected mayor, such as London's Boris Johnson, who has far more powers over issues such as policing and transport.

After the General Election the coalition government said it wanted England's 12 largest cities to hold a referendum by 2012 on having directly elected mayors.

If people decide they want an elected mayor in Leicester next year, experts believe they would be given the extra powers automatically – without another election taking place.

Ross Grant, the Conservative group leader on Leicester City Council, did not like to see people with an "ego" trying to sway public opinion.

He said: "It should be something the public decides, rather than the politicians. It shouldn't be about someone wanting the job desperately forcing the debate.

"But I think it's an acceptable kind of arrangement for running a city."

A spokesman for the Department of Communities and Local Government would only say further detail was "forthcoming".

Council leader Veejay Patel said: "We are currently looking at which form of consultation would be best in order to get residents' views on the matter, so we can begin that part of the process."

Coun Patel added a date would be set for the start of the consultation once the authority knew how it was going to consult the public.