Reportedly leading the pack is Khalil al-Hayya, a former deputy of Sinwar, a member of the Palestinian Legislative Council and one of the better-known members of the ruling committee.
Al-Hayya is known as a pro-Iran candidate, pushing for Hamas to deepen its ties with the Islamic Republic, which has funded and supplied the group for decades.
On the other hand, his main rival, Khaled Mashaal, is believed to favour a pivot away from Tehran and towards better relations with the Gulf states, such as Qatar and Saudi Arabia, which are perceived as more moderate in their relations with Israel.
Their key policy conflict is reported to be over the extent of the IDF's withdrawal from Gaza.
Al-Hayya is said to favour "armed conflict with Israel in the Gaza Strip until the war ends and the Israeli army withdraws from the Strip entirely", while Mashall reportedly backs "negotiated compromises to end the occupation of Gaza".
However, the election will only decide the leader of Hamas' political wing, based in Qatar, whose relations with the military wing - Gaza's Al-Qassam Brigades - are said by some observers to be strained.
The Brigades, under the command of Izz al-Din al-Haddad, are believed to take a more hardline position on Israeli withdrawal and align more closely with al-Hayya's vision.
Previous peace negotiations are reported by some outlets to have stalled because the political leadership was unable to agree a ceasefire compromise with their counterparts in Gaza, rather than with the Israelis.
