Moscow ( CNN ) -- Russian President Dmitry Medvedev called on the ruling United Russia party Saturday to endorse Prime Minister Vladimir Putin for president in 2012 . Putin in turn suggested that Medvedev should take over the role of prime minister if the party wins parliamentary elections in December , in what would be a straight swap of roles . Putin has already served two terms as the country 's president from 2000 to 2008 . It had not been clear until now whether Medvedev , his protege , would seek to run for a second term in presidential elections due to take place in March , fueling months of speculation . Addressing the party congress in Moscow , Medvedev said he wanted to answer the important question of who would be the party 's presidential candidate -- and that he believed it should be Putin , the party 's chairman . The ruling party 's endorsement makes it highly likely that Putin will be returned to the country 's top office , observers say . Medvedev 's remarks were interrupted by applause as the crowd gave Putin a standing ovation . `` This applause spares me the need to explain what experience and authority Vladimir Putin possesses , '' Medvedev said . He explained the long delay in making clear which of them would run for president next year as an issue of `` political expediency , '' saying they had to play by the rules of politics . Medvedev , who said he accepted Putin 's proposal that he stand for prime minister , said the government had succeeded in restoring a country that had been in `` a deep decline , in a systemic crisis '' a decade ago . `` By our common efforts we 've managed to preserve and restore our beloved fatherland , our Russia . And we will not give it back to anyone , '' he said . `` We will not give it back to those who want to destroy it , to those who deceive people by giving them empty and unfeasible slogans and promises . '' In his own speech , Putin said it was a great honor to run for president and that his voice of command `` is not lost . '' He said he wanted to see economic growth in Russia increase to 6-7 % in the near future . In the next five years , Russia should be among the five most powerful economies in the world , he said . Putin also set out the task of fully rearming the Russian armed forces in the next five to 10 years . Putin said he was sure the United Russia party , whose election ticket will be headed by Medvedev , would win December 's parliamentary elections . Medvedev would `` be able to build a new , efficiently-functioning and young team of managers , and lead the government so as to continue modernization of all aspects of our lives , '' Putin added . For more than two years , Putin and Medvedev have repeatedly said they would decide together which of them would run for the Russian presidency in 2012 , fanning the flames of intrigue . Even during his time as prime minister , Putin has been widely perceived as the senior member of the Russian `` ruling tandem . '' Putin had stepped down in 2008 because the Russian constitution at that time limited a president to two consecutive four-year terms . Under amendments to the constitution that came into force on December 31 , 2008 , the presidential term was extended to six years . This means that if Putin is elected in March 2012 for six years , he would be eligible to run for another six-year term after that , potentially keeping him in charge until 2024 . Under the same constitutional amendments the term for parliament members was extended from four to five years . Currently , the United Russia controls more than 300 seats in the 450-seat State Duma , the lower chamber of the Russian parliament . More than 10,000 people attended the party congress , held in Moscow 's Luzhniki Sports Arena . CNN 's Maxim Tkachenko and Alla Eshchenko contributed to this report .
NEW : Putin says Medvedev should be the next prime minister if the party is reelected . Comment: Putin previously served as president from 2000 to 2008 . Presidential elections will be held in March , after a parliamentary ballot in December .