The Sask. Party will elect a new leader in Saskatoon on Jan. 27, 2018. 

Details of the leadership convention were announced in a news release issued by the party on Saturday.

It says party members will elect a new leader through a one member, one vote system. 

As of Saturday, only two people had thrown their hats into the leadership race: social services minister Tina Beaudry-Mellor and economy minister Jeremy Harrison. 

Candidates have until Nov. 24 to file their nomination papers. They will also be required to pay a $25,000 fee.

The deadline for membership sales for those wanting to vote will be Dec. 8.

Candidates will also have a $250,000 campaign expense limit and will be required to disclose the names of contributors who donate $250 or more. 

The need for the party to elect a new leader came last week when Premier Brad Wall announced he was retiring from politics, but would stay on until his successor is elected.