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ANTANANARIVO (Reuters) - The African Union's top diplomat will present Madagascar's bickering power-brokers with a fresh political compromise aimed at ending a year-long crisis.

AU Commission Chairman Jean Ping, who arrived on the Indian Ocean island on Thursday, is expected to meet President Andry Rajoelina and opposition leaders before handing over his proposal and giving all sides two weeks to respond.

Rajoelina, Africa's youngest leader, has in recent weeks torn up a string of internationally brokered power-sharing deals, appointed a military prime minister and is intent on unilaterally organising legislative elections slated for March.

There are, however, serious concerns within the opposition and among donor nations that a poll hastily organised by a government not recognised internationally will lack transparency and credibility.

Former disc jockey Rajoelina has urged international mediators to stop meddling in the mineral-producing island's affairs and has categorically refused to reopen discussions on a consensus government.

The turmoil has unsettled major foreign investors including Sherritt International, Rio Tinto and Exxon Mobil and dramatically curbed economic growth.

One presidential adviser was a little more conciliatory ahead of talks with Ping.

"Any compromise by the Rajoelina movement will depend on Chairman Ping's proposals. We will see," Norbert Ratsirahonana told Reuters.