"If people don't vote for me, I will leave. I'm not trying to hold onto this place, as I have always said. I won't cry if I am rejected," Chavez told the Hello President TV show Sunday.
"If the Venezuelan people say go, I will go," he said.
Venezuela's leader is elected by a simple majority by a direct national vote and is the head of state and government for six years, and can be re-elected once.
Chavez first pledged to change the number of allowable presidential terms after he won the presidential election in December 2006.
"I think the country's Constitution should be changed. This first of all concerns presidential terms. We have no right to deprive people of the possibility of electing a leader they like for a fourth, fifth or sixth term," he said.
Earlier, Venezuela's parliament gave Chavez wide legislative powers. The new bill makes it possible for Chavez to issue decrees aimed at full nationalization of the country's economy, including the power sector and telecommunications, for 18 months.