Moscow - Russian President Vladimir Putin on Monday expressed support for First Deputy Prime Minister Dmitry Medvedev as his successor - a move likely to ensure Medvedev's election.

There have been months of intensespeculation on whom Putin saw as his likely successor in the March 2 voting, along with the wider question of what Putin himself will do once he steps down.

Putin's popularity is so strong that most observers expect that whomever he supports would be a shoo-in.

He made the statement in a meeting with representatives of the United Russia party, which dominates parliament, and of three other parties. The parties told Putin they all supported Medvedev.

"I completely and fully support this proposal," Putin said, according to footage shown on state television.

Putin had long been seen as trying to choose between Medvedev, a 42-year-old business-oriented lawyer and board chairman of state natural gas giant Gazprom, and Sergei Ivanov, another first deputy premier.

"Medvedev is not an extremist. He is not known for any kind of harsh views on politics, and apparently Medvedev better suits Putin's view of how to achieve continuity," said Lilia Shevtsova, an analyst at the Carnegie Moscow Center.

Although Putin is banned by the constitution from seeking a third consecutive term in office, he has indicated a strong desire to remain a significant power figure. He has raised the prospect of becoming prime minister, and his supporters have called for him to become a "national leader" with unspecified authority.

Putin reinforced that perception Monday by saying that electing Medvedev would pave the way for a government "that will carry out the course that has brought results for all of the past eight years."

The Russian stock market surged on the news, led by Gazprom, whose shares jumped 1.6 percent within a few minutes. The market also apparently was boosted by the end of long uncertainty over whom Putin would designate as successor.

Both Medvedev and Putin worked under St. Petersburg's mayor Anatoly Sobchak in the early 1990s. After Putin became prime minister in 1999, he brought Medvedev to Moscow to become deputy chief of staff of the Cabinet. He then moved up to become deputy chief of staff for the president, became Gazprom board head in 2002 and full presidential chief of staff in 2003. In 2005, Putin named him a first deputy prime minister.