Labour TD Michael D Higgins has announced that he will seek the party’s nomination for the Presidency.
The former minister and current Labour Party president said he believed he had the experience and capacity to fulfil the role. He said he could bring something "quite important" to the position "given the circumstances in which we find ourselves".
"I've looked over the summer in detail at what is the scope of the Presidency and I want an opportunity to extend those debates that I have already introduced," the Galway West TD told RTÉ Radio this morning.
"I gave an extensive paper about an effective inclusive citizenship that is capable of critically analysing the way we run our society and the connections with the economy and the institutional structures and so on."
Mr Higgins said it was important "we have an adequate debate about what direction our country goes in".
"The President has formal powers and is not an organising point of opposition to the Government of the day. The President's real influence comes from that declaration the President makes to use up all of your abilities for the people of Ireland."
Barnardos chief executive Fergus Finlay, a former Labour advisor, has already announced his intention to seek the party's nomination to enter the race to succeed Mary McAleese next year.
He said the State was in need of "a new kind of leadership based on respect and based on a commitment to rebuilding trust" when announcing his bid last week.
Mr Higgins said Mr Finlay was a "very fine person" but that he had for some time been engaged in the debate his rival for the party candidacy was seeking to initiate.
He said he had been encouraged by the number of people from outside the Labour Party that had responded positively to suggestions he might seek the nomination.
Mr Higgins said that, if he was elected, he would only serve one term and would not seek re-election in 2018.
Others expected to put themselves forward for the Presidency include Senator David Norris, Fianna Fáil MEP Brian Crowley, former taoiseach Bertie Ahern and Mary Davis, who is managing director of Special Olympics Europe/Eurasia.
