The Polish-born politician, aged 83, who lost his presidential bid as a Labor leader to Moshe Katsav of the right-wing party Likud in 2000, confirmed his intention to run again after Prime Minister Ehud Olmert's Kadima party announced his nomination on Monday.
"I accepted the proposal after repeated approaches, above all from the prime minister, lawmakers and many others who have asked me to take on this challenge. This could be my last opportunity to serve the state," Peres said.
Peres joined Kadima in 2005, and will now be vying for office against Labor candidate Colette Avital and former Knesset spokesman Reuven Rivlin of Likud.
The prime minister said on Monday he hoped Peres, a Nobel Peace Prize winner, would restore the prestige of the largely ceremonial post, undermined by recent allegations of rape and abuse of office against the incumbent, Katsav.
Israel's president is elected by the country's parliament, the Knesset, for a term of seven years.
