He is the third candidate to announce they will put themselves forward, joining France's Didier Gailhaguet and Britain's Christopher Buchanan. 

Sallak, director general of the Hungarian National Skating Federation (MOKSZ), plans to officially submit his documents to the ISU during the World Figure Skating Championships in Boston next week.

The news that Sallak will stand was announced by Lajos Kósa, President of MOKSZ, at a press conference in Budapest today.

Sallak is also the ISU development coordinator, a situation that has attracted criticism from some who believe he has been using his position to help promote his potential bid to replace Cinquanta, the Italian stepping down as President having held the role since 1994.

An email sent earlier this month to insidethegames, as well as members of the wider skating community, claimed he is using the ISU development funding for electoral purposes.

The message, addressed to members of the "World Skating Family" and signed by an anonymous person with the inititals "Mr K.M.", raised questions over "whether a person who spends ISU money in such a manner can be suitable to take control over and to manage the total ISU budget".

It claims that he manages a budget of almost $6 million (£4 million/€5.5 million) per year with almost no control.

Only 15 of the 72 ISU members have reportedly been supported by Sallak, with Hungary having received 20 per cent of funding.

insidethegames contacted the Lausanne-based ISU for a complete breakdown of development funding but they failed to provide the figures.

Sallak, however, claimed he had done nothing wrong.

"I wish to state that ISU operation, decision making process and financial support are transparent, in line with the applicable rules, strictly follow the principle of good governance and are based upon open application for the member organisations," he told insidethegames.

Gailhaguet is President of the French Ice Sports Federation but his bid is considered highly controversial by many due to him having returned to the sport following a three-year ban for his involvement in a judging scandal at the 2002 Winter Olympics in Salt Lake City. 

Gailhaguet, most associated with figure skating out of the ISU disciplines, has released a manifesto, entitled Change or Be Changed, based around modernising and reforming the governing body.

It includes revamping ISU events and considering new formats, updating the international calendar and bringing together different disciplines so a festival-style event will work better for broadcasters.

Buchanan has been chairman of the ISU Synchronised Skating Technical Committee since 2010 and is also finance director of the National Ice Skating Association of Great Britain.

Away from sport, he has spent over 30 years in the investment banking, commodities and financial services industries for a variety of leading banks and financial institutions.

Candidates have until April 25 to declare their intentions ahead of elections due to be held at a five-day ISU Congress in Dubrovnik starting on June 6.

Other potential candidates are The Netherlands' Jan Dijkema, the ISU vice-president for speed skating, and Patricia St. Peter, President of US Figure Skating from 2009 to 2014.