Umno presidential candidate Khairy Jamaluddin is prepared to accept his rival Tengku Razaleigh Hamzah's challenge to a debate as well as to declare his assets.

"Sure. We have to discuss who will host the debate, and I'll make preparations to declare my assets.

"There are some who say that a debate is unnecessary as this is an election in the family, but why not? People want to see it, and it can strengthen democracy not just in Umno but in Malaysia," he told a press conference at the Putra World Trade Centre in Kuala Lumpur this afternoon.

After the press conference, Khairy met former deputy prime minister Ahmad Zahid Hamidi outside another hall in the building. The latter is one of the seven candidates contesting for the Umno top post.

The pair hugged and Zahid commented that the two would also embrace Razaleigh if he was present.

Asked if he would participate in a debate against Razaleigh, who is also known as Ku Li, and Khairy, Zahid told reporters to wait for his speech.

"I don't want to talk about this now. Wait for my speech later on," he said.