Park, who would be the first sitting president to be interrogated in a criminal case, has seen her approval ratings plunge in recent weeks, with hundreds of thousands of protesters taking to Seoul's streets on Saturday demanding her resignation.
The scandal centres on Park's shadowy confidant Choi Soon-Sil, who is accused of using her ties with the president to coerce local firms to donate millions of dollars to non-profit foundations that Choi then used for personal gain.
Choi, 60, is also accused of interfering in state affairs to the extent of nominating officials and editing Park's speeches even though she has no official title or security clearance.
Park's lawyer Yoo Young-Ha said the president was willing to "cooperate" in the investigation but said she needed more time.
"I will rush through my preparations and cooperate so that an investigation into the president can be conducted next week," Yoo said in a text message sent to reporters.
Under South Korea's constitution, the incumbent president may not be charged with a criminal offence except insurrection or treason.
Choi, whose father was an elusive religious figure and a long-time mentor to Park until his death in 1994, was arrested earlier this month for abuse of power and fraud. Two presidential aides have also been arrested.
Prosecutors today requested a local court to issue an arrest warrant for a former vice sports minister in connection with the case, Yonhap said.
Kim Chong, who served as vice sports minister for three years until last month, is accused of helping Choi's foundations win lucrative state contracts.
Lawmakers today passed a bill to set up a special independent counsel to probe the widening scandal after opposition parties said they were dissatisfied with the existing investigation.
Under the agreement, opposition parties will recommend a special prosecutor to lead the counsel, which will consist of more than 60 prosecutors and investigators.
The team will be given 120 days to look into allegations against Choi and the presidential aides mired in the scandal.
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