MP Sir Peter Soulsby has been chosen as the Labour candidate in the race to become the city's first elected mayor.

The Leicester South MP beat former city council leader Ross Willmott and current leader Veejay Patel in a vote on Saturday and immediately announced his intention to stand down as an MP.

Sir Peter is odds-on favourite to win the city-wide poll in May.

He said: "I am delighted and honoured to have been selected by the Leicester members as their candidate for this year's mayoral election.

"There could be no greater honour and privilege than being Leicester's first directly elected mayor, taking this great city from strength to strength.

"For me, Leicester and the people who live here must always come first.

"Which is why I am making clear my intention to resign from Parliament in order to focus solely on becoming the first elected mayor of Leicester."

Sir Peter was a city councillor for 30 years and leader for 17. He lost his council seat in the 2003 local elections but was elected to Parliament in 2005.

He bucked the national trend in last May's General Election by increasing his share of the vote.

"As a city we face some of the toughest challenges we have had in a very long time," he said.

"Leicester needs an elected mayor with real experience and a track record at a local and national level – someone who knows that it's not just business as usual at the council but who has strong and visible leadership," said Sir Peter.

"Someone who will defend our services, who will drive our economy forward and who has a bold and radical vision to put Leicester back on the map."

The poll was run using the alternative vote system, under which candidates are ranked in order of preference.

There was a turnout of 66 per cent of eligible party members.

Sir Peter got 247 first preference votes, Councillor Willmott 104 and Councillor Patel 85.

Councillor Abdul Osman got 64 and former Peepul Centre boss Rita Patel 28.

Counting second preferences gave Sir Peter 269 – a majority of the 529 votes cast.

Fellow Leicester Labour MPs Keith Vaz and Liz Kendall agreed to become the co-chairmen of Sir Peter's mayoral election campaign.

Mr Vaz, who represents Leicester East, said: "We have selected a great champion for the people of Leicester."

Ms Kendall, who represents Leicester West, said: "Peter has an exciting vision for Leicester and is the right person to be mayor."

Labour leader Ed Miliband said: "While he will be a huge loss to Parliament and my team on the front bench, I understand and accept Peter's reasons for stepping down to focus on becoming mayor."

Mr Miliband is expected to travel to Leicester during the election campaign to support Sir Peter.

The Mercury could not contact Coun Willmott or Coun Patel for a comment.

However, in a statement on his website Coun Willmott said: "I would like to thank all those who supported me and I am naturally disappointed not to get the nomination.

"It's a disappointing result but I know we fought a good campaign with integrity."

The elected mayor will lead the city for a four-year term.

He or she will have the power to appoint up to nine councillors to his or her cabinet and to delegate powers.

Supporters of the elected mayor system say it increases accountability, effectiveness and transparency.

Opponents say it puts too much power in the hands of one person.

The election will take place on Thursday, May 5.

The Conservatives' candidate will be current city council opposition leader Ross Grant.

Other mainstream parties have yet to select their candidates.

Independent candidates who have declared their intention to stand include David Bowley, Mu-Hamid Pathan and Lee Sowden.

A date for the by-election to fill Sir Peter's Leicester South seat has not yet been announced.

"If I win the poll not a moment will be wasted"

Sir Peter Soulsby on his plans for Leicester if he is elected