The ex-government minister, former Hearts chairman and life peer said he believed his links with the university – dating back to his time as student president 45 years ago – gave him the experience to do the job.

But he could face competition for the Rector's role from Top Gear TV presenter Jeremy Clarkson and Tory MP David Davis. Both names have been floated as possible contenders.

The Rector is elected every three years by all 24,500 students and 8000 staff to speak up for their interests and chair the university court, the institution's highest decision-making body.

Lord Foulkes said: "I have been associated with the university for a long time and feel very close to it, having been the student president and served on the court for seven years.

"I feel there is a job to be done and it should not be treated as a gimmicky thing.

"They need someone who is prepared to do a job of work and not just another TV presenter who wants another scalp on his belt or sees it as an award."

The current Rector, former Lothians Green MSP Mark Ballard – who beat Tory Boris Johnson and former Scotsman editor Magnus Linklater for the post in 2006 – will hand over to his successor immediately after the election on February 10-11.

Lord Foulkes was asked to stand for Rector by a number of students, graduates and staff, including second year sociology student Matt McPherson.

Mr McPherson said: "There's no doubt that George has been a champion for Edinburgh University throughout his life. For him, this campaign is local and personal.

"It's about ensuring staff get the best possible pay deals and working conditions in the current difficult economic climate and ensuring that students get the very best from their university experience."

Lord Foulkes was president of the university's Student Representative Council in 1963 and later served as president of the Scottish Union of Students for two years before a career as a councillor, MP, government minister, life peer and now MSP for the Lothians region.

He said he would set out his manifesto for action in the new year after consultation with staff and students.

However, as he launched his campaign he gave his support to the bid to refurbish the Pleasance Theatre, which he described as "not only a cornerstone of the university's 200 active societies but a huge asset to the city of Edinburgh during the Festival".

He said: "They desperately need £40,000 to ensure a full refurbishment can take place and I will do everything I can to back that bid."

He also highlighted the issue of course and exam feedback. Earlier this year Edinburgh was ranked worst in the UK for providing student feedback.