Babangida, 68, seized power in the OPEC member state in August 1985 and went on to rule Africa's most populous nation for nearly eight years. He was forced to step down in 1993 after he canceled an election that was generally regarded as fair.
"Yes, General Babangida has decided to contest for the presidency under the (People's Democratic Party) in the 2011 presidential election," spokesman Kassim Afeagbu told Reuters.
"He is only waiting for the party timetable before he will formally declare."
He is the first major politician to publicly announce his intention to run, and he will campaign for a smaller federal government focused mainly on defense, foreign policy and the economy, leaving the rest to the states and local councils.
The ruling PDP party is expected to hold primaries in the next few months to choose their presidential candidate for the general election, which must be held by April 2011.
The race for president is expected to be wide open since many believe ailing President Umaru Yar'Adua will not seek re-election..
Acting President Goodluck Jonathan has assumed executive powers in the absence of Yar'Adua, who remains too sick to govern and has been out of the public eye since November.
Though 17 years have elapsed, Babangida's reputation has not fully recovered since he annulled the poll, in a move that paved the way for another army dictator Sani Abacha to take over.
Age old problem
Analysts say voters will also be concerned about his age, reluctant to vote for another leader who may not survive a full four-year term.
"After his June 1993 election problems. He will have considerable challenges in terms of his credibility," said Bismark Rewane, head of Lagos-based Head of Financial Derivatives.
"He will also have a generational problems at his age. You need someone with a lot of vigor and energy to deal with Nigeria's huge problems."
Rewane said Babangida would be good for business as he initiated crucial economic reforms during his administration.
"There's so much bureaucracy in government. It makes government too expensive," Afeagbu said. "He wants to run a slim gove
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