The University of Chicago and the University of Illinois at Chicago are among four potential hosts of Obama's presidential library that have been asked to submit formal project proposals, the Barack Obama Foundation announced on Monday.

The two other finalists in the running for the future Obama presidential library and museum include Columbia University and the University of Hawaii, foundation officials said. Local bidders eliminated include Chicago State University, Chicago developer Dan McCaffery and a community organization in the city's Bronzeville community.

The foundation issued a Request for Proposal (RFP) today to the four "potential partner institutions." 

"The RFP, available on the Foundation’s website, asks these four potential partners to submit a formal proposal that includes detail on the proposed management and organization of the project, site development plans, community partnerships, potential for academic collaboration, marketing and attraction strategy, and information about any financial and other commitments from the host or other partners," a news release reads.

The formal proposals are due December 11. The foundation's board plans to share its recommendations with the president and first lady in early 2015.

“We were amazed by the quality of responses to our Request for Qualifications and we are grateful to every institution that expressed interest in carrying President Obama’s legacy forward,” Board Chair Martin Nesbitt said in a statement. “These four potential partners have come the farthest in meeting our criteria and have each demonstrated a strong vision for the future Obama Presidential Library. We look forward to working with each institution to further refine their proposals over the coming months, and to presenting our recommendations to the President and First Lady early next year.” 

Read more about the competition for the Obama presidential library here and here.