"I care about football, so what I'm seeing regarding the image of FIFA -- not only now but in the past years -- I don't like it," the 42-year-old said in an interview broadcast by CNN.
"If you search FIFA on the internet you see the first word that comes out: scandal -- not positive words. It's that we have to change first and try to improve the image of FIFA. Football deserves much better than this."
The deadline for nominees to announce their candidature falls on Thursday. Figo told CNN he had secured the necessary support from five national football associations, but declined to identify them.
"I've been talking with so many important people in football -- players, managers, president of federations -- and they all think that something has to be done," added Figo, who won the Ballon d'Or in 2000 and was voted FIFA World Player of the Year in 2001.
"Change in leadership, governance, transparency and solidarity, so I think it's the moment for that."
As one of the most famous footballers of his generation, Figo is the most high-profile candidate to have launched a bid to succeed Blatter.
The 78-year-old Swiss has been tarnished by accusations of corruption stemming from the bidding process for the 2018 and 2022 World Cups, which were awarded to Russia and Qatar respectively.
