File photo: Russian Presidential candidate, Prime Minister Vladimir Putin delivers a speech during a rally of his supporters at the Luzhniki stadium in Moscow on February 23, 2012. AFP
The 71-year-old has led Russia since the turn of the century, winning four presidential ballots and briefly serving as prime minister.
"I've had different thoughts at different times, but this is a time when a decision has to be made," Putin said after an awards ceremony for army personnel at the Kremlin. "I will run for the office of president of the Russian Federation".
Putin will not face any major challengers in his bid for a fifth term and will likely seek as big a mandate as possible in order to conceal domestic discord over the Ukraine conflict, analysts say.
Five major parties have been allowed to submit a candidate for the 2024 vote without collecting signatures.
The election will be held over a three day period from March 15-17.
*This story was edited by Ahram Online