Italian President Sergio Mattarella is set to remain in his position for another term after he was re-elected this weekend.

Needing 505 votes or more to win, the 80-year-old won 759 votes and is expected to be sworn in on Wednesday or Thursday.

The former constitutional court judge had repeatedly ruled out serving for a second seven-year term, but went forward after Italy's political parties failed to find another viable candidate.

"I had other plans, but if it's necessary, I'm available," he said before the vote.

Prime Minister Mario Draghi said that the election result was "wonderful news for Italians" after many feared that a new president would have left the government lacking direction at a highly sensitive time in the country.

Mr Mattarella is expected to stay in the post now for at least a year to get the country through to the 2023 general election and is widely respected across the political spectrum.

Only the far-right Brothers of Italy party was against asking him to stay on.

Italy's presidency is a largely ceremonial role, but the head of state holds serious power during political crises, from dissolving parliament to picking new prime ministers and denying mandates to fragile coalitions.

The election result has been seen internationally as a good move for financial markets and investors, as Italy holds the eurozone's third largest economy.

French President Emmanuel Macron tweeted his congratulations to Sergio Mattarella in a post on Twitter.

Read: Italy prepares to choose its next president