KRG President Barzani says he’s ready to give up the presidency

KRG President Masoud Barzani reportedly told political parties at a meeting today that he’s willing to handover the presidency to someone who’s ready to take over the job. The report says no one at the meeting responded to Barzani’s offer. 

Was this a serious offer? Let's assume someone comes tomorrow and says: "I'm ready! give me the job." What happens next?

1) Does president Barzani have the power to transfer the presidency without elections? 

2) If so (or if that doesn't matter), how much legitimacy will that presidency have? 

3) How will other contenders react?

It's an offer no one can accept. Brilliant.