The 43-year-old Florida senator said on a conference call he was “uniquely qualified” to bring the party into the future.
Marco Rubio is the third Republican to officially announce a candidacy after Senators Rand Paul and Ted Cruz.
He is expected to make a formal announcement at a political rally in Miami on April 13.
It comes a day after former Secretary of State Hillary Clinton said she would stand for the Democratic nomination.
Marco Rubio, a Cuban-American, has been a harsh critic of President Barack Obama’s policies, especially on immigration and the diplomatic thaw with Cuba.
“The Republican Party, for the first time in a long time, has a chance in this election to be the party of the future,” Marco Rubio said on the call, according to the Associated Press.
“Just yesterday, we heard from a leader from yesterday who wants to take us back to yesterday, but I feel that this country has always been about tomorrow,” Marco Rubio added, referring to Hillary Clinton.
Marco Rubio, who was first elected in 2010, holds conservative positions on government and military spending, abortion and negotiations with Iran over its nuclear program.
He was previously criticized by some Republicans for initially supporting a bipartisan Senate immigration reform bill.
Marco Rubio has since said that border security must be strengthened before any change, criticizing President Barack Obama’s executive actions on immigration.
He is due to speak to supporters at the Freedom Tower in Miami at 18:00 local time.
Marco Rubio would be the first Hispanic president if he won, as would Texas Senator Ted Cruz.
The field for the Republican nomination is likely to be crowded, with former Florida Governor Jeb Bush and Wisconsin Governor Scott Walker also expected to run.
Hillary Clinton, the first major candidate on the Democratic side to declare, is travelling to Iowa and other states, seeking to meet voters before a more formal rally in May.
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