Businessman Enrique Riquelme has informed Real Madrid's electoral commission that he intends to stand for the club's presidency.
Incumbent Florentino Pérez called elections last week, saying he planned to stand for re-election, as the club faces a second consecutive season without winning a major trophy.
Pérez, 79, led Real Madrid from 2000 to 2006 -- when he resigned -- before returning in 2009 until the present day, and has faced no opposition in the club's last five electoral cycles.
In a letter sent to the commission on Thursday, Riquelme said he hopes to present "a project for the Real Madrid of the future."
Riquelme now has a period of 48 hours until Saturday, May 23, to formally present his candidacy and that of his proposed board, under the club's statutes. The electoral commission then has a day to review, and accept or reject, the candidacy.
If more than one candidate is accepted, the commission will then set a date for elections in which club members can vote.
The club's election rules were made more restrictive in a members' vote in 2012. They state that candidates for the presidency must have Spanish nationality, have been club members for at least 20 years, and be able to guarantee 15% of the club's annual budget.
With one round of games remaining in the LaLiga season, Madrid are 11 points behind champions Barcelona. They were eliminated in the Champions League quarterfinals by Bayern Munich, and knocked out of the Copa del Rey by lower-league Albacete.
In January, coach Xabi Alonso was fired and replaced by reserve team boss Álvaro Arbeloa, who has been unable to reverse the team's fortunes.
On Monday, ESPN reported that Jose Mourinho had agreed to a two-year deal to return as Madrid coach.
The last time Madrid went two seasons in a row without winning a major trophy was in 2006.
Riquelme had said in recent days that he was working on his candidacy, having called for a longer election campaign to enable for greater transparency and participation from fans.