"I will offer my candidacy for the post of president of the Russian Federation," Putin told workers at the GAZ factory in Nizhny Novgorod.
Putin,65, who has been in power for nearly 18 years became president of Russia for the first time in 2000 until 2008. He is currently serving his second term as president since May 2012.
The Russian president who was a KGB foreign intelligence officer will become the longest-serving Russian leader since Leonid Brezhnev who was Russia's leader from 1964 to 1982.
"There is always a great deal of responsibility involved in this decision for any person, because the motive must be the desire to make life better in this country," he told the workers at the GAZ factory.
"And this can be achieved only with people's trust and support. And now I want to ask, do you trust and support me?" to which the audience shouted "Yes!".
Putin first became president after Boris Yeltsin resigned on New Year's Eve in 1999.