Kevin Rudd says he has been encouraged by the support of federal Labor members and ministers to contest for the leadership of the party.
Mr Rudd said that he had had many conversations with Labor members and ministers since resigning as foreign minister on Wednesday evening.
'I am very pleased and encouraged by the amount of positive support encouraging me to contest the leadership of the Labor party,' he told reporters in Washington.
Mr Rudd said he would announce whether he was actually going to run in any ballot, expected to be called by Prime Minister Julia Gillard for Monday, when he returned home.
'I will declare my position on the future of the ALP leadership on my return to Australia,' he said.
But in a clear pitch to caucus members, Mr Rudd cited his record as prime minister, declaring the achievements of his government were formidable.
'Remember it's through that period of government when I had the privilege of being prime minister that singly Australia got through the global financial crisis without going into recession and without generating mass unemployment,' he said.
'Not only that, we emerged with among the lowest debt and deficit rates of all the developed countries in the world.'
Mr Rudd said looking ahead the Australian people and business community needed to have confidence that the government was in strong and stable hands when negotiating very uncertain global financial times.
'We are not out of hot water yet when it comes to Europe.
'Therefore in the very difficult period which lies ahead in 2012, experience and confidence and discipline will be needed.'
Mr Rudd told reporters he was keen to stress that he had not made a decision to declare for the position of the leadership - yet.
'I have made it very plain that I need to consult more with colleagues and it's appropriate to make that statement in Australia,' Mr Rudd said.
'I do not believe Prime Minister Gillard can lead the Australian Labor Party to success in the next election.
'That is a deep belief and I believe also a view shared right across the Australian community.'
Mr Rudd said, however, that he was encouraged by positive support from ministerial and caucus colleagues to contest the leadership.
'I have many more calls to make but their overall argument to me is that they regard me as the best prospect to lead the Australian Labor Party successfully at the next federal elections, to save the Labor party at those elections and to save the country from the ravages of an Abbott government.'
The former prime minister, who was rolled by Ms Gillard in June 2010, said he had been 'frankly shocked and disappointed' by the tone and content of the personal attacks against him by several senior colleagues overnight.
Deputy Prime Minister Wayne Swan along with senior ministers Simon Crean, Tony Burke, Brendan O'Connor and Stephen Conroy have all made critical comments about Mr Rudd's time as prime minister in the past 24 hours.
'Whatever our differences in politics I do not believe that these sort of vicious personal attacks have a place in professional political life,' Mr Rudd said.
'We all have the responsibility to preserve the fabric of decency in our political institutions.'
Mr Rudd laid out four key priorities under a government he would lead.
They include restoring business confidence and encouraging small businesses to invest in their future, maintaining a strong manufacturing industry and continuing health and education reform.
'It's fundamental that there is confidence in the business community to invest and to continue to create jobs - that is critical,' he said.
He also flagged changes to the way small businesses are dealt with on tax so they can become the big businesses of the future.
On manufacturing, Mr Rudd said he never wants to be the prime minister of a country that doesn't make things.
'That is my enduring passion,' he said.
Mr Rudd said he did not back the government's decision to axe support for the auto industry through the green car fund.
On health, he said the current program falls short.
'We squibbed some of the hard decisions in the end,' he said.
Mr Rudd also said maths and science students needed to be better supported as he had done as prime minister.
