The Constitutional Court on Friday upheld a parliamentary vote to impeach Park, effectively removing her from office over a corruption scandal involving her close friend.
A presidential election is to be held within 60 days of the ruling, with local media suggesting May 9 as the most likely date.
The likely winner -- by a distance -- is the liberal former Democratic Party leader Moon Jae-In who enjoys 36 per cent of popular support.
"South Korea will make new history through a regime change."
Park, who is South Korea's first democratically-elected president to be ousted from office, remains holed up at the presidential Blue House as workers repair and clean her private residence.
Television footage showed hundreds of Park's flag-waving supporters gathered outside her home in prosperous southern Seoul with reports saying she is likely to leave the presidential office on Monday.
Park was found to have broken the law by allowing her friend Choi Soon-Sil to meddle in state affairs, and breaching rules on public servants' activities.
The court ruling removed her presidential immunity to criminal indictment.
She has already been named a criminal suspect, accused of bribery for offering policy favours to firms that benefited Choi.
For months she has refused to make herself available for questioning by prosecutors probing the scandal.
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