Businessman Gavin Duffy has announced that he is seeking nominations to run in the Presidential Election.

Mr Duffy said on Twitter that he has accepted an invitation to speak to Waterford City and County Council on Tuesday.

The Dragon's Den entrepreneur needs the backing of four local authorities in order to get on the ballot.

President Michael D Higgins said earlier this month that he will seek a second term as president.

Last week Independent Senator Gerard Craughwell confirmed that he would not contest the election after he had put himself forward as a potential candidate to open up a "serious national conversation on the presidential nomination and election process".

He said his main reason for not continuing with his bid for nominations was uncertainty over finances but welcomed announcements that Sinn Féin was putting forward a candidate and that Fianna Fáil councillors would be free to nominate independent candidates for the election.