Former Real Madrid president Vicente Boluda will formally challenge incumbent Florentino Perez for the role, as outlined by Marca.
Boluda was president of the club between January and June in 2009 – he took over following the resignation of Ramon Calderon and was replaced by Perez later that year.
The 64-year-old confirmed his intentions in a dinner of Valencia-based businessmen and entrepreneurs, where he confirmed he had the financial scope to on the position.
Boluda rose through the ranks at Los Blancos, becoming a part of the board directors when Calderon was elected in 2006 and soon replaced Juan Mendoza as the club’s vice president.
He has said that he would make three signings to the current squad and believes he can garner the support to replace the longstanding Perez, who has been in the role for over a decade.
The next elections of the club will take place in 2021.