Fine Gael Seanad byelection candidate John McNulty has struck a deal with senior party officials that he will resign his seat in the Upper House if elected later today.

Well-placed sources told The Irish Times a number of meetings took place between the Donegal businessman and party officials this week.

The first took place in Donegal on Monday but its outcome was “inconclusive”.

Mr McNulty had another meeting in Dublin yesterday in advance of this afternoon’s byelection count.

One source described the outcome of the second meeting as “a done deal”.

He had asked TDs and Senators not to vote for him following the public furore over his appointment to the board of IMMA, a position from which he has since resigned.

However, some Coalition members, including senior Ministers, said they would be supporting him anyway.

Opinion in Leinster House has split in recent days over whether Mr McNulty will get elected, or whether Independent candidate Gerard Craughwell might win out.

Mr Craughwell has the backing of many Independent TDs and Senators, Fianna Fáil and a number of Fine Gael and Labour members of the Oireachtas who followed Mr McNulty's wishes.

However, those at the top of Fine Gael were said to be “terrified” at the prospect that Mr McNulty might win and hold the seat. If he wins and resigns, another Seanad byelection will be held.

While the exact contents of the deal are not known, some in Fine Gael circles speculated last night that he may have been guaranteed a place on a future general election ticket.

The deadline for casting ballots is 11am today, with the final result expected around lunchtime.