Guatemala's Indian majority were among the main victims of the country's 1960-1996 civil war, in which over 200,000 people, mainly civilians, died.
Menchu said she would not consider running for, or in alliance with, the political party formed by former guerrillas who fought in the civil war.
The country has long been split along racial lines, with a largely white elite and an impoverished Indian majority.
If elected, she would become the second Nobel laureate serving as president in Central America. Oscar Arias, who won the Nobel Peace Price in 1997, took office as Costa Rica's president in May.