Martin made the announcement via YouTube video on Monday.
So far Martin and former-Missouri Treasurer Sarah Steelman have announced their intent to run, and there is speculation that others may join the race.
Martin says he feels that primaries are a healthy process and need not hurt the Republican Party.
"I think it will be great," Martin said. "I mean, the hard part is when competition damages people and gives people false impressions. But, I’m confident that we can talk about the central issue—size, scope and cost of the federal government."
In a statement, Martin highlighted Senator Claire McCaskill’s support of the bank bailouts and President Obama’s healthcare overhaul.