The addition of Braverman, a highly regarded official who has turned the southern university into a success story, could further boost Labor's position, after the party showed strong gains in polls following the election of Amir Peretz as its chairman.
Braverman has been serving as Ben Gurion's president since 1990, when he took over an institution facing a financial crisis and led it to unprecedented prosperity.
Meanwhile, musicians Yaheli Sobol and Hemi Rodner also joined Labor, which appears to be in the midst of a "recruitment drive" in search of notable figures from across the country.
Braverman said he was excited to join Labor, noting that Peretz' primaries win prompted him to make the move.
"Don't fear Amir Peretz. Amir Peretz is not a communist," Braverman said.
"The State of Israel must take the socioeconomic path of Bill Clinton and Tony Blair," Braverman said. "Amir Peretz's way is my way, it's Tony Blair's way, it's Bill Clinton's way. It's social democracy…clear belief in free competition. We must cut the chains of exaggerated bureaucracy."
"We must bring companies to invest here in the human capital of wonderful youngsters and adults, who can truly build a country here with a high GNP," he said.
"At the same time, one cannot agree…to having a country with the most inequality in the western world, with the highest poverty rates in the western world, with the lowest level of education in the western world, and with the level of violence and corruption," Braverman added.
Braverman also dismissed rumors regarding his contacts with other parties, including Prime Minister Ariel Sharon's new party.