He said he would contest one of the seats in the National Capital District as long as there was a sufficient groundswell by the time of nomination for a change of government among both current MPs and candidates.
Morauta was prime minister from 1999 to 2002 and is credited with reversing a sharp economic decline. He left politics five years ago.
Morauta is also a former central banker and says he has been approached to stand by people worried at the state of the country.
He said the concerns people had included what he calls the growing web of corruption, public debt levels and the poor management of government finances, the grim job prospects for school leavers and the value of the kina declining as prices increase.
In a statement, Morauta said people saw no sign of the root problems being addressed by the government and they were afraid if action was not taken.
The elections are set for the middle of this year.