The decision was announced by the minister's associates on his way to the Conference of Nobel Laureate in Petra, Jordan. Peres is expected to officially announce his decision in the coming days.
The vice premier has been pondering whether to join the presidential race. He has received wide support in public opinion polls, but the body which elects the president is the Knesset, in a secret vote. Peres' aides fear that at the moment of truth, some of his alleged supporters will turn their backs on him.
Another issue Peres has been dealing with is the possibility of replacing Prime Minister Ehud Olmert as temporary prime minister. Such a move would have paved the way for Knesset Speaker and Acting President Dalia Itzik to join the presidential race.
So far, only two people have officially announced that they were running for president, Knesset Member Reuven Rivlin (Likud) and MK Colette Avital (Labor). Former Chief Rabbi Israel Meir Lau has yet to decide whether to join the race.