Liberal MP Justin Trudeau is reportedly planning to throw his hat in the ring for party's leadership.

According to a report in La Presse, sources say Trudeau will announce next Tuesday that he wants to lead the Liberal Party of Canada.

For months he's been resisting taking a run at the leadership of the party his father once led. For the 40-year old former teacher,  taking over the reigns of the party is a very long commitment and he's publicly said he wasn't ready to spend that much time away from his family.

When asked on Wednesday on Parliament Hill, Trudeau would only say, "I have nothing to announce, glad to see everyone in a good mood today."

The Liberals held majority and minority governments for most of the 16 years Pierre Trudeau led the party, but fell to third place in the 2011 election and was reduced to 35 seats in Parliament.

The race to replace interim Liberal leader Bob Rae officially begins on November 14 and ends April 14, 2013.