Sinn Féin's chief negotiator has confirmed he will submit himself as nominee for deputy first minister alongside Ian Paisley as first minister.
Martin McGuinness said he had written to Northern Secretary Peter Hain to this effect and claimed voters wanted power to be restored to Stormont.
"I think the public expectation will be one of hope and optimism that these institutions of powersharing and the North-South Ministerial Council will be up and running by March 26th."
He said it was "absolutely vital" devolution happens as it was the "will of the electorate".
Sinn Féin had done all in its power to make devolution happen, he said, and was committed to its "positive agenda" which was about restoring the institutions of the Good Friday agreement by the two governments' deadline of March 26th.
"We are prepared to do, and have done, all in our power to make it happen. When we get those institutions up and running we are going to stay in them. We are not walking out for any reason. We are going to continue to work and play our part in ensuring that the will of the people is brought to a successful conclusion."
With the prospects for powersharing held to be improving, The Irish Times has been told that SDLP leader Mark Durkan will not be the party's nominee for a ministerial position in any new executive.
It is understood that Mr Durkan, who is also MP for Foyle, will not seek a place at the executive table and that the party will instead nominate South Down Assembly member Margaret Ritchie.
Because of the loss of two Assembly seats in last week's election, the party is now entitled only to one ministerial seat.
The choice of Ms Ritchie will be interpreted as a move to bolster her standing in her constituency in advance of the next Westminster election when she could be the SDLP candidate replacing party founding member Eddie McGrady. It is further expected that Sinn Féin's Caitríona Ruane, who topped the poll in South Down last week, will also be a minister in a new executive.
Speculation continued last night that SDLP North Belfast Assembly member Alban Maginness could become the new Speaker, replacing the outgoing Eileen Bell who did not seek re-election to Stormont.
However, despite Mr Maginness's willingness to consider the possibility, other SDLP members are clearly privately opposed to such a move.
They claim the party needs its full voting strength and could not afford to lose a member to the Speaker's chair.
Other names being mentioned yesterday include the DUP's Jim Wells, who chaired meetings of the Preparation for Government Committee last summer, and his colleague and Foyle Assembly member Willie Hay.
Alliance Party sources insist their party will not supply the Speaker, having done so on the last two occasions.
Party leader David Ford has revealed his seven-strong Assembly group is being joined by Independent MLA Dr Kieran Deeny and newly-elected Green member, Brian Wilson.
The Alliance, Green and Independent members would form a "coherent opposition group" in opposition to the four executive parties, he said.
Ulster Unionist leader Sir Reg Empey said he recognised the potential for progress which emerged yesterday as the parties met Mr Hain for talks at Stormont Castle.
Speaking at Parliament Buildings a short distance away, Sir Reg said: "Yet another first day at the office. Is it going to be an Assembly that lasts no more than two weeks or is it going to be the start of a new era?"
Looking ahead to today's meetings between the DUP and prime minister Tony Blair and chancellor Gordon Brown, he noted: "I think there are early signs of progress, particularly on the economic front."