"The constitution gives me this right, and I will use it," the president said at a news conference.
The date of the next presidential elections will be determined by the country's Constitutional Court. They could take place in either 2009 or 2010.
"I will not change the Constitution in my interests and I will not try to extend the term," Bakiyev said.
Bakiyev, 59, became the country's acting president in March 2005 after toppling his long-serving predecessor Askar Akayev and was officially inaugurated on August 14 of that year. His current presidential term expires in 2010.
The Kyrgyz leader also said he would not oppose the idea of holding the election in 2009 saying: "It does not matter to me if I am a president a year more or less."
The impoverished ex-Soviet republic of Kyrgyzstan, where the United States and Russia both have airbases, has been plagued by instability and anti-government protests since Bakiyev came to power.
The opposition has accused Bakiyev of tightening his grip on power while failing to bring stability and economic growth.
