If Stavros Dimas fails to get elected after two more voting rounds over the next fortnight, there will be an early general election, informs Report citing BBC.
A second presidential vote - in which the winner will also require 200 votes for a victory - will now be held on 23 December.
A third vote is scheduled for 29 December. For that election, a total of 180 parliamentary votes would be enough to secure a win.
Greece's two-party coalition has 155 seats and needs support from opposition or independent lawmakers to ensure a win for Mr Dimas.
"There are another two rounds ahead of us," Prime Minister Antonis Samaras said while leaving parliament after the vote. "I hold hope that a [new] president will be elected.
"The conditions are difficult for the country, and I am certain that lawmakers are aware that the country must not enter troubled times."
Anger over tough austerity measures - demanded by international creditors - has fuelled many protests in Greece.
The parliamentary vote is being keenly watched by leaders in Europe as several countries become increasingly frustrated with austerity and Brussels-led policies.
Many Greeks have complained of great hardship resulting from public sector job cuts and savings in welfare budgets.