ANKARA (Reuters) - Turkish President Tayyip Erdogan's ruling AK Party and its nationalist MHP allies said on Monday they were presenting a draft election law to parliament that analysts say decreases the likelihood of elections this year.

       The draft law would lower the minimum required votes for a party to enter parliament to 7% from 10%, and would adopt new regulations on alliances between parties, they said.

       The bill is likely to become law given the ruling alliance's majority. It would take effect about a year later, suggesting Erdogan - whose opinion polls have touched their lowest in years - could hold off calling an early election.

       Presidential and parliamentary elections are scheduled for no later than June 2023.

       Some analysts have said Erdogan might want an earlier vote to avoid sliding any further in polls, despite economic turmoil and soaring inflation caused by his push for low interest rates late last year and, more recently, the conflict in Ukraine.

       (Reporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer)