BRASILIA - Brazilian President Michel Temer on Tuesday announced that his former Finance Minister Henrique Meirelles would be a candidate for the Brazilian Democratic Movement (MDB) party in October's presidential elections.

In an event at MDB headquarters in Brasilia, Temer praised Meirelles' economic policies over the last two years for having helped bring Brazil out of recession, and called him "the best of the best".

Temer also expressed his hope that Meirelles would be the only centrist candidate to seek the presidency.

Temer praised his government's economic track record, saying the next president would receive a country in good condition.

This announcement seems to confirm that Temer had abandoned his hope of seeking re-election. Speculation had been rampant that Temer would run, with Meirelles as his running mate.

However, Meirelles left the government in late April to prepare his own run.

At a press conference on Tuesday, Meirelles said he would seek to forge alliances and invited Temer to participate in his campaign.

Meirelles added that he would confront electoral "uncertainties" and lead a successful campaign.