The decision was made following notification from the current World Bank President Jim Yong Kim that he would be interested in a second term. Kim's term expires on June 30 next year, Xinhua news agency reported.
The World Bank said it would follow the principles that were used for the selection in 2012, when Kim was appointed.
Nominations for the position by the bank's executive directors will open on August 25 and close on September 14, said the World Bank.
Following the close of the nomination process, the executive directors will decide on a shortlist of up to three candidates and then conduct interviews with the candidates.
The media reported that Kim received backing from several major shareholders, including the US, for a second term.
