After finishing a humiliating third place in a weekend parliamentary poll, Mr Yushchenko must now choose between Moscow-friendly Viktor Yanukovych or estranged "orange revolution" ally Yulia Tymoshenko in forming a new cabinet.
"Today's goal is... to hold preliminary consultations around those fundamental, national values that can form a coalition," Mr Yushchenko said in televised remarks before meeting separately with each of his two top foes for more than an hour.
Russia and the West are closely following the post-election negotiations in Ukraine, as they fight to influence the future direction of the strategic former Soviet republic, which took a pro-Western turn last year under Mr Yushchenko.
Ms Tymoshenko, the president's ally during the 2004 protests that brought him to power but who split from him after he fired her as prime minister last September, has piled on the pressure on Mr Yushchenko to team up once again.
"I am certain that the democratic coalition will be created," Ms Tymoshenko said. She has demanded the post of prime minister.
"The voting makes it obvious that it is necessary to continue the path we set out during the presidential elections... and under no circumstances... disillusion people," she said.
She predicted the two sides would finalize their agreement within a week.
Agonising choice
Mr Yanukovych, the Moscow-friendly premier who lost the 2004 contest to Mr Yushchenko but capitalized on an economic slump and discontent with the feuding "orange" team to get the most votes in Sunday's election, was more terse.
"The president of Ukraine is interested that Ukraine have stability," he said emerging from Mr Yushchenko's office.
Mr Yushchenko's choice between his top two rivals is an agonizing one, as either marriage of convenience poses risks both for his ratings and for his cherished pro-Western course that he has avowed for the nation.
The European Union hoped that "the next government will want to come closer to the EU," while NATO looked forward "to further deepening our cooperation" and Washington hailed what it called "a groundwork for a promising future."
Russia said it was looking for a government "that stands for development and a deepening of cooperation" between Kiev and Moscow.
With results tallied from nearly 84 percent of polling stations,
Mr Yanukovych's Regions Party held the lead with 30.69 percent of the vote, Ms Tymoshenko's bloc second with 22.36 percent, and Mr Yushchenko's Our Ukraine a distant third with 14.99 percent.
The Socialists and the Communists, who are also expected to make it into the chamber, had 6.02 percent and 3.6 percent, respectively.