Aontú has held talks with two high-profile people on presidency but won't divulge their names
The Meath West TD said on Friday that the party, which holds two Dáil seats, had spoken to 'two people who are really well recognised' about the possibility.
However, he refused to name either would-be candidate, saying he needed to respect their privacy and the private nature of the conversations held to date.
Mr Tóibín said neither person was aligned with any political party, but they would both make outstanding candidates.
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While neither person aligned fully with the views of his party, he suggested they could potentially secure the support of several parties or groups.
'Some views we share, some views we are not on the same page,' Mr Tóibin said. 'They are both making up their minds about taking it forward. I expect the decision to be made at the end of next week, or shortly afterwards.'
The Aontú leader said he strongly believed in the importance of having a robust and engaged presidential election campaign.
'The President is a very important position in the State. It is very healthy to have a good debate about what the values we expect the holder of the office to hold,' he said.
Fine Gael MEP for Ireland South Seán Kelly said he was '50-50' on deciding whether or not to seek a nomination from his party. He said he would make his mind up over the next week.
Saying his intentions have varied from day to day, the former GAA president added: 'A lot of people are encouraging me, and I'm looking at the various options and what's involved in it.'
Asked if he would be prepared for a robust campaign involving personalised criticism, Mr Kelly said in his time at the GAA they were trying to open Croke Park to other sports 'and we got a lot of stick over it'.
'If you go for something, you have to be able to take the rough with the smooth and just get out if you can't.'
Asked for a response to an Irish Times report on his Fine Gael colleague
Mairead McGuinness's office allowances when she was an MEP
, he said he would never comment on another politician's situation.
Earlier, Ryanair chief executive Michael O'Leary ruled out a bid for the presidency, calling it 'the most useless, valueless, wasteful job'. He said he would be 'happy to endorse' Ms McGuinness if she was to launch a campaign.
'I think she's been a terrific success on the European stage, both as an MEP, vice-president of the European Parliament and a European Commissioner,' he told RTÉ's Claire Byrne Show.
Mr O'Leary said he has 'absolutely not' been asked to run for the Áras, adding that 'it sure as hell wouldn't be me'.
'I have a useful, valuable job here in Ryanair,' he said.
Independent Senator Aubrey McCarthy, the founder of the Tiglin charity, said he has not been in talks with any party.
However, he said there have been approaches from members of parties for 'broad conversations' about the presidency, with some expressing the view that he might appeal to a wider base.
It is understood that the Independent Minister of State Michael Healy-Rae was mentioned at a meeting of Independent parliamentarians as a possible candidate.
When asked about this on Friday, the Kerry TD said he was not aware of the meeting and had no knowledge of the conversation and its context.
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