Mr Farage announced he will contest Clacton, Essex, after it was also confirmed he will take over as leader of the party.
Speaking at a press conference in London to confirm his U-turn, Mr Farage said: "Difficult though it is, I can't let down those millions of people, I simply can't do it, it'd be wrong.
"So I have decided I've changed my mind, it's allowed you know, it's not always a sign of weakness, it could potentially be a sign of strength. So I am going to stand in this election."
Mr Farage said he will be launching his candidacy today.
His bid to win Clacton will be his eighth attempt to secure a parliamentary seat, with the other seven ending in defeat.
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