The seventy year old announced that he will be resigning from politics after the elections, but will continue his post until his replacement is sworn in.
He said that he wishes to spend more time with his family.
Elections are scheduled for January 22.
Barak has served either in the military or in politics for over fifty years.
He served in the Israeli Defense Forces for thirty-six years, rising from draftee to Chief of Staff.
From 1999-2001, he served as Prime Minister, the shortest term ever for an Israeli PM.
Some have called him the man "everyone loves to hate", but he is widely respected, especially for his insight into his enemies.
Rumors of who will replace him are circulating widely, including some thought that he may stay on in an advisory position.
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