Ukrainian President Viktor Yushchenko abandoned the search for a functioning governing coalition on Wednesday, dissolved parliament and called the third election since his "Orange" revolution swept to power in the 2004 vote.

"I hereby declare the activities of ... parliament to be suspended and call an early parliamentary election," Yushchenko said in a recorded television address.

"The vote will take place in democratic and lawful fashion."

His move contradicts suggestions made earlier on Wednesday that he would be willing to give his political opponents more time to find a solution for Ukraine's entrenched political deadlock.

Yushchenko held last-ditch talks with political leaders on Wednesday to try to piece together a viable coalition in a country gripped by political turmoil since 2004.

His coalition collapsed last month when his Our Ukraine party quit its alliance with his former ally Prime Minister Yulia Tymoshenko and her bloc. Tymoshenko said she has met all conditions set by the president for reinstating the governing team.

Tymoshenko is likely to challenge the call, as she has previously said calling an election before late November would be unconstitutional.

A parliamentary race, probably in December, is unlikely to bring much change to the political landscape.

Polls give both Tymoshenko and ex-prime minister Viktor Yanukovich, an adversary of "Orange" protesters, about 20 per cent support. Yushchenko's support is in single figures.