ROME -- The Italian president reappointed law professor Giuseppe Conte as Prime Minister-designate on Thursday in order to lead a coalition government.

Conte accepted the role, and will be sworn in with his cabinet ministers on Friday afternoon, the presidential office stated.

The latest development came after anti-establishment Five Star Movement (M5S) and far-right League agreed to restart their consultations, so to avoid a caretaker cabinet.

Conte's first attempt to assemble an M5S-League coalition government collapsed on Sunday, after the president nixed his choice of a Eurosceptic economist as finance minister.

Conte was summoned by Italian President Sergio Mattarella late on Thursday, and unveiled a list of 18 ministers thereafter.

"We are going to work hard to fulfil all of the political goals included in our government contract," the Prime Minister-appointed said in a short speech after the meeting.

"We will work to improve life conditions of all Italians."

His cabinet line-up would directly involve M5S leader Luigi Di Maio and League leader Matteo Salvini both in the role of vice prime ministers.

Di Maio will also serve as Economic Development and Labour Minister, and Salvini as Interior Minister.

The crucial Economy and Finance Ministry will be given to Giovanni Tria, professor of Political Economy at the University of Rome Tor Vergata, and president of Italy's National School of Public Administration.

Economist Paolo Savona -- whose nomination by M5S and League in their previous government attempt triggered the confrontation with the president, and the failure of their bid -- will now serve as Minister of European Affairs, according to Conte.