It follows a period during which current leader Jeremy Corbyn has faced a series of resignations from his shadow ministerial team, and lost a vote of no confidence.

In a statement, Ms Eagle said: "I will explain my vision for the country and the difference a strong Labour Party can make."

Earlier today Labour's deputy leader, Tom Watson, said he had abandoned talks with union leaders to try to find a solution to the party's leadership crisis. 

Ms Eagle said: "I want to thank Tom Watson and the union movement for trying to bring to find a solution to the impasse Labour faces with a Leader who has failed to fulfil his first and foremost duty, that is to lead an organised and effective Parliamentary Labour Party that can both hold the government to account and demonstrate we are ready to form a government in the event of a general election."

Mr Watson also issued a statement, in which he said: "Since the talks began Jeremy has publicly declared his intention to continue as leader come what may.

"This means there is no realistic prospect of reaching a compromise that satisfies the majority of colleagues in the PLP (Parliamentary Labour Party)."

A spokesman for Corbyn said: "Jeremy is committed to fulfilling all his responsibilities as democratically elected leader and will not betray the hundreds of thousands of people who elected him for a different direction for the Labour Party and a different kind of politics.

"He continues to be fully committed to working with the parliamentary Labour party and is ready to talk with as many people as necessary to assist that process, discussing policy initiatives and listening to ideas.  

"He will remain leader of the Labour Party and will contest any leadership challenge if one is mounted."