Alliance Party deputy leader Mrs Eileen Bell today announced her intention to stand for the leadership of the party.
The North Down MLA hopes to replace Mr Sean Neeson, who resigned from the post two weeks ago.
Mrs Bell said she had made her decision after consulting family, friends and party colleagues.
Despite a poor performance in recent elections, Mrs Bell said the moderate party still had a role to play in Northern Ireland politics.
"There has been much talk that we need a new vision to work toward an equitable and peaceful Northern Ireland.
"I believe that we have always had the vision but certainly in recent times we have failed to implement and stimulate that vision."
Mrs Bell is the second person to enter the leadership race. Yesterday, South Antrim Assembly member Mr David Ford announced his intention to stand.
The two other members of the Alliance Assembly team, Mr Seamus Close and Mr Kieran McCarthy, have yet to declare whether they will run for the leadership.
They have until midnight tomorrow to make a decision.
Strangford representative Mr McCarthy told reporters: "I'm still considering my options. I have got a few hours yet."
Mr Close was unavailable for comment.