It would be the first presidential vote since veteran ruler Hosni Mubarak was ousted in pro-reform protests one year ago.
The ruling military council had originally indicated the presidential election would be held no earlier than late June.
The May date will give candidates six weeks to campaign. A dozen hopefuls have already announced their candidacy — although the Muslim Brotherhood, which controls nearly half of the new post-Mubarak parliament, has said it will not put forward a nominee.
According to rules established in a referendum last year, Egypt’s future presidents will be limited to two consecutive, four-year terms in office.
Compiled from agency reports
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