Argentine Cardinal Jorge Mario Bergoglio has been elected the new Pope.

The 76-year-old becomes the first Latin American to be Pontiff and will now be known as Pope Francis I.

Tens of thousands of people packed into St. Peter's Square earlier to watch a puff of white smoke billow from the chimney of the Sistine Chapel, signifying that a new Pope had been elected.

Cardinal Bergoglio replaces Benedict XVI, who resigned last month.

The conclave was only begun yesterday and at least 77 of the 115 cardinals who were entitled to vote gave Cardinal Bergoglio their blessing.

He emerged from the loggia overlooking the square to deliver his first speech.

During his speech, he thanked his predecessor for his work for the church and asked the faithful to pray for him.