Maj. Gen. Milinda Peiris is leading the contenders, because he had been denied the position twice, over Dias and Maj. Gen. Prasad Samarasinghe when the appointment had been made previously.
From the armoured corps, he is due to retire on 11 August next year.
The Army is prioritizing members of the infantry regiment when filling this position.
Also in line for the position are Maj. Generals Sumedha Perera of the infantry regiment and Channa Gunatilake of the engineering corps, who incidentally are brothers-in-law.
Contemporaries of Dias, Maj. Generals Prasanna de Silva, Sumith Manawadu and Kamal Gunaratne are due to retire upon reaching 55 years of age.
Of the 46 serving major generals, 24 will reach the retirement age next year.
Army chief too, to retire in 2016
Incumbent Army chief Lt. Gen. Krishantha Silva is serving on an extension given by the president and will retire on August 21.
A decision has been taken not to give extensions to any major generals.