MPs Juha Sipilä and Tuomo Puumala advanced to the second round of voting at a party congress in Rovaniemi.
Honorary party chair Väyrynen and deputy party chair Timo Kaunisto were knocked out in the first round. Väyrynen, who led the party throughout the 1980s, said the attempt would probably be his last.
Sipilä picked up 961 votes, followed by Puumala with 659, Väyrynen with 493 and Kaunisto with just 26 votes.
A final vote is expected by 5pm.