The Conclave to elect a new Pope will begin on Tuesday.
The decision was made at a meeting of the 115 voting Cardinals this afternoon - after days of intense discussions.
Vatican watchers have suggested the cardinals are split roughly into two groups, between those who favour Italy's Angelo Scola, the Archbishop of Milan and others who would prefer a non-Italian in charge.
Other favourites include Canadian Marc Ouellet, Ghanaian Peter Turkson, US cardinal Sean O'Malley and Luis Antonio Tagle, the Archbishop of Manila.
Pope Benedict the 16th resigned at the end of last month - the first Pope to do so in 600 years.