Kalifa Sanogo, who made his name in textiles before entering politics, told AFP he would stand for the Alliance for Democracy in Mali (Adema), though he must win a primary before becoming the official candidate.
"At the request of thousands of my supporters gathered in Sikasso on Saturday, I have accepted to present myself as a candidate in the presidential election," he told AFP by phone.
The declaration may surprise supporters of incumbent President Ibrahim Boubacar Keita.
Keita has not yet declared his intention to seek a second term but is widely expected to do so after his first five-year mandate ends.
The Sikasso urban area is one of the most valuable in terms of votes in Mali, a sparsely populated, largely desert nation.
Keita has battled an ongoing jihadist insurgency, accusations of poor governance and deadly clashes between Mali's patchwork of different ethnic groups throughout his tenure.
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