MOSCOW - Russian President Vladimir Putin on Monday named First Deputy Prime Minister Dmitry Medvedev as his favoured candidate to succeed him, putting the softly-spoken lawyer in poll position to win next year's presidential vote.

Putin backed Medvedev, who is also chairman of gas giant Gazprom, at a meeting with party leaders, ending months of feverish speculation about who the popular president would anoint to replace him when he steps down.

"I have known him very closely for more than 17 years and I completely and fully support this proposal," Itar-Tass news agency quoted Putin as saying after the leader of his United Russia party, Boris Gryzlov, proposed Medvedev.

United Russia holds a congress on December 17 and it is expected there to nominate officially Medvedev as its candidate in the presidential vote, which is to take place on March 2.

Observers regard Medvedev as the less hawkish and more business-friendly of the officials in Putin's team who had been named as potential successors.