Biden says he expects VP selection panel to be formed by May 1

"And so we're probably going to be announcing the setting up of that committee, which we're doing now, picking the people who have agreed to serve on it. And we'll be announcing the formation of that probably by, I assume by May 1, we'll have that done," Biden said on CBS' "The Late Late Show with James Corden."

He continued that his "guess" is that it's going to take until "sometime in July" after background checks have been completed when they've narrowed it down "as to who the 1, 2, 3 people are who are in the hunt at that point."

Previously Biden said during a fundraiser that there'd been discussions in his campaign to announce his pick well before the "usual time" prior to the convention. The convention, which was originally scheduled for July, has since been pushed back to August due to the coronavirus pandemic.

Much of the focus on Biden's campaign in the coming months will be on the selection of his running mate, who Biden has promised will be a woman.

"The first and most important quality is someone who, if I were to walk away immediately from the Office for whatever reason that they can be president and the public could look at that person and say she is capable of being President of the United States tomorrow," Biden said in his late night interview Tuesday.

While he has always said he would pick someone who is "simpatico" on his views, Biden also recently shared that President Barack Obama advised him to pick someone who can complement him -- someone who, as Biden said it, "has strengths where I have weaknesses."

There are a number of women who are likely to be considered and have been in regular contact with the former vice president during the pandemic, including Minnesota Sen. Amy Klobuchar, Massachusetts Sen. Elizabeth Warren and Michigan Gov. Gretchen Whitmer. California Sen. Kamala Harris, Georgia House Stacey Abrams and Nevada Sen. Catherine Cortez Masto are all potential contenders as well.

The Biden campaign has fully shifted its attention to the general election, and in addition to selecting a running mate, Biden is also in the early stages of setting up his transition team and he recently told donors that he has not ruled out announcing potential Cabinet members before November's election.