The date for Ireland's 2018 Presidential Election has today been announced.

Current Michael D. Higgins is set to stand for a second term, having been first elected on October 27, 2011.

The election formally begins when the Minister for Housing, Planning and Local Government makes a ministerial order specifying both the polling date and the closing date for nominations. Speaking on RTE Today with Miriam O'Callaghan, Minister Eoghan Murphy made the announcement that the election would be held on October 26 this year.

Assuming that President Higgins completes his current seven-year term on 10 November 2018, the inauguration will be the following day, November 11.

As well as Michael D. Higgins, businessman Gavin Duffy, artist Kevin Sharkey, journalist Gemma O'Doherty and Senator Joan Freeman, have all said that they would stand for election this year.

Fianna Fail indicated back in July that they would not stand a candidate, while Fine Gael today requested that councillors "neither propose or support" candidates seeking a nomination.

Meanwhile, Sinn Féin has formed a committee to select a candidate, with nominations within the party to close on 10 September 2018, and a decision will be made on 16 September 2018.

Nominations for this year's election will have to be submitted by 26 September and the election will take place one month later.