Ahn Cheol-soo, an entrepreneur-turned-professor who has long been considered a potential contender in this year's presidential race, plans to announce his decision on whether to run for the country's top elected position on Wednesday, his spokesman said.

Spokesman Yoo Min-young said Monday that Ahn will make the announcement at 3 p.m. at the local chapter of the Salvation Army's art center in downtown Seoul.

Observers said the 50-year-old Ahn is expected to formally announce his intent to run for president, as well as line-up of his election camp and his vision for the country's future.

The move was anticipated since the dean of the Graduate School of Convergence Science and Technology at Seoul National University said through his aides last week that he would make known his position right after the main opposition Democratic United Party (DUP) picks its presidential hopeful.

The DUP nominated Rep. Moon Jae-in as its presidential candidate on Sunday following a three-week-long primary race. (Yonhap News)