Hussain, a leading businessman from the port city of Karachi, is an old party hand.
Born in 1940 in the historic city of Agra, he belongs to Urdu-speaking ethnic group that migrated from India after partition in 1947.
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Hussain is an old loyalist of Sharif and remained with the PML-N during the regime of former military ruler Pervez Musharraf, who exiled Sharif to Saudi Arabia and created a new party by breaking the PML-N.
He served as Governor of southern Sindh province for a short period during June-October 1999 and lost the post after Musharraf led a military coup against Sharif.
Meanwhile, the opposition Pakistan People's Party (PPP) nominated Raza Rabbani as its candidate.
Imran Khan's Pakistan Tehrik-e-Insaf party has picked former judge Wajihuddin Ahmad as its candidate.
The PML-N is set to win the election in a triangular race but a joint opposition candidate may pose a threat to the ruling party's man.
After scrutiny of paper, the final list of candidates will be issued on July 27. The President is elected by the four provincial assemblies and national Parliament.
The new President will be sworn on September 8 and will replace incumbent Asif Ali Zardari.
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