President Lee Jae Myung speaks as Prime Minister Kim Min-seok, left, listens during a weekly Cabinet meeting at Cheong Wa Dae in Seoul, Tuesday. Yonhap

Cheong Wa Dae is poised to carry out a broad reshuffle spanning both the Cabinet and the presidential office after Wednesday’s local elections, according to ruling party and government officials, Tuesday.

The projected shakeup comes as President Lee Jae Myung approaches his first anniversary in office, Thursday, and looks to build fresh momentum for the remainder of his term.

The prospect of a reshuffle has been fueled by growing speculation that Prime Minister Kim Min-seok will resign after the elections to run for the leadership of the ruling Democratic Party of Korea (DPK).

The leadership race has already begun to take shape, with Kim widely seen as a likely challenger to incumbent DPK Chairman Jung Chung-rae.