Enzo Moavero Milanesi, director of the School of Law at LUISS University in Rome, will be made Foreign Affairs Minister. The scholar already served as advisor to Italy's Prime Minister for EU affairs and privatization of state-owned companies between 1993 and 1995, and as Minister of European Affairs between 2011-2013 and 2013-2014, according to his online resume.

In other key government departments, lawyer and League senator Giulia Bongiorno will serve as Minister of Public Administration, and Italian army's former defence advisor Elisabetta Trenta as Defence Minister.

About one hour before Conte was summoned on Thursday, former International Monetary Fund official Carlo Cottarelli had returned to the head of state his mandate to form a caretaker cabinet.

The top economist had been given the task some 24 hours after consultations between M5S and League consultations had failed on Sunday.

In a statement, the president "thanked Cottarelli for his seriousness, sense of the institutions, and constant attention paid to the national interests that have marked his commitment."

Conte's new government would put an end to a stalemate that lasted more than 12 weeks, during which the protracted political instability of the euro-zone's third largest economy rattled financial markets.

Five Star Movement and League run as rivals in general election held on March 4, which proved inconclusive. They decided to join their forces after emerging as the two most voted parties.