OTTAWA — Michael Ignatieff is poised to formally announce that he will run for the leadership of the federal Liberal party.
The Toronto MP and former Harvard academic is the perceived frontrunner in the contest to succeed Stephane Dion, who is stepping aside after taking the Liberals to one of their worst-ever electoral drubbings last month.
Ignatieff will face off once more against his former university roommate, Bob Rae, who has already declared his intention to run.
The two squared off in 2006 but so polarized the contest that Dion was able to stage a stunning come-from-behind win as the compromise candidate.

But handicappers can count Gerard Kennedy out.
The Toronto MP and former Ontario cabinet minister has decided he will not take a second shot at the federal Liberal leadership.
Kennedy was the kingmaker in the 2006 contest, throwing his support to Dion after coming fourth on the first ballot.
That Dion to stage a stunning, come-from-behind victory over frontrunners Ignatieff and Rae.
Kennedy joins a long list of potential contenders who’ve decided to give the contest a pass, including former New Brunswick premier Frank McKenna, former deputy prime minister John Manley and Toronto MP Martha Hall Findlay.
New Brunswick MP Dominic LeBlanc has also thrown his hat in the ring.
A number of others — including former cabinet minister Martin Cauchon, Ottawa MP David McGuinty and Brampton MP Ruby Dhalla — are still weighing their options.