"I will contest the post of Vice President with an eye to the future. Because I did not serve in the executive committee for two years I could not run to be President this time," Ranatunga said today.
Ranatunga, the current Minister of Ports and Shipping, is to contest independently of his younger brother Nishantha's team he said.
Nishantha Ranatunga has become a main contender to head the local governing body in the election to be held after the SLC was governed by an interim committee since April this year.
Nishantha handed his nominations today to set the stage for a showdown with Thilanga Sumathipala, the deputy speaker of Parliament.
The nominations are to close next week.
Sumathipala was twice SLC president and both times his administrations were sacked due to corruption and mismanagement allegations.
Nishantha Ranatunga was the Secretary in the SLC administration headed by Jayantha Dharmadasa and their administration was the subject of a governmental probe for corruption and mismanagement.
A four-member probe panel has handed over its report to the Sports Minister.
Jayantha Dharmadasa is to back Sumathipala against Nishantha Ranatunga while his brother Upali, who was also a former President is backing Nishantha Ranatunga.