Ponta is the head of the left-wing Social Democratic Party, PSD, which forms the Social Liberal Union, USL, alliance together with the National Liberal Party, PNL, and the Conservative Party, PC.
USL won 395 out of a total of 588 seats in the two chambers of the country's parliament following the general elections.
"As a result of the fact that there was only one proposal from the representatives of the political parties and minorities from the Romanian parliament that attended on Monday [...] the consultations for nominating a candidate for the prime minister post, president Traian Basescu nominated Victor-Viorel Ponta as prime minister-designate," the president's press office said in a statement.
According to Romania's constitution, the president nominates a prime minister after consultations with the political formation that wins a majority in the bicameral parliament. The cabinet proposed by the prime minister-designate must then seek and win the parliament's approval.
USL leaders have said the alliance's proposal for the prime minister post is PSD head and incumbent premier, Ponta.
The opposition Right Romania Alliance, ARD, which comprises the centre-right Democratic Liberal Party, PDL, the Christian-Democratic National Peasants' Party and the Civic Force Party, won 80 seats in parliament following the elections. The People's Party-Dan Diaconescu, PP-DD, placed third with 68 seats. The only other party to pass the 5.0% threshold to enter the legislature, the Hungarian minority party UDMR, will have 27 seats and another 18 seats are reserved for representatives of national minorities other than the Hungarian one.