HOUSTON -- Texas Southern University may soon name the finalists to become their next president, KPRC Local 2 reported Friday.

The university has been without a president for more than a year. Former President Priscilla Slade was fired as a result of a spending scandal. She faced criminal charges of misspending taxpayer money and her first trial ended in a mistrial.

A presidential search committee has been looking for the best candidates across the country. The committee will forward the names of the candidates they believe should be the finalists to the Board of Regents on Friday.

Local elected officials said finding the right leader is in the best interest of the university.

"Most people believe that, and I believe that, this should be done post-haste, meaning there should be a new permanent president near the beginning of the semester so that there can be two semesters and a summer of operation before the legislative session starts," state Rep. Garnett Coleman said.

Sources said there could be at least three people on the list of the committee's suggested finalists including Anthony Hall and the current acting president at the University of Houston.

Once a finalist is selected, the university must wait 21 days before they can name a permanent person.

Timothy Body had been the acting president of TSU for the past year. Gov. Rick Perry appointed him.