White smoke appeared out of the Sistine Chapel chimney on Wednesday, Mar. 13, indicating that a new pope has been elected and has accepted the position just two days after voting.

The new pope has yet to be identified to the public. To become pope, one must receive at least 77 votes or two thirds of the overall cardinals in attendance according to USA Today. Once a name is revealed, the new pope will appear on the balcony of St. Peter's Basilica approximately an hour after the vote.

Church officials will then announced "Habemus Papum" which means "We have a pope" in Latin according to the Associated Press.

Click here to watch the announcement live.

Cardinals failed to reach a decision on the first day of voting but have reportedly reached an agreement on who should follow Pope Benedict XVI.

"Oh my goodness, oh thank you, thank you, thank you," said Millie Teda, a vistor outside the Sistine Chapel, after hearing the news according to USA Today. "You know, we need some change. Catholics need someone who will "go more to the poor people, to the young people because we are losing young people."

 A number of things have to happen once a new pope is elected, like robe fittings, time for prayer and reflection and the cardinal will also have to decide on a name he would like to be called.

Other cardinals will also reportedly "approach" the new pope to make acts of "homage and obedience" according to the Associated Press.

The white smoke appeared at 7:05 p.m. or 2:05 p.m. CET time after five rounds of voting. Back in 2005, Benedict was selected the second day after just four rounds of voting according to the Associated Press.

Benedict shocked the world when he announced last month that he would be retiring from the position, becoming the first pope in nearly 600 years to resign according to NBC News.

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