Wellington-based MP James Shaw will bid to be the Green Party's co-leader, after earlier saying it was "highly unlikely" he'd run.

It is understood the first-term MP is planning to make the announcement on Monday, after telling caucus colleagues at a meeting earlier this week.

Last month Shaw said it was too early in his parliamentary career. However, he appears to have had a change of heart after being approached by supportive members, including at a recent policy conference in the Hunua ranges, south of Auckland.

Shaw would not confirm his candidacy, saying only: "I'm thinking about it, and considering it and as I have said before I will make up my mind when nominations open."

A source indicated Shaw will pitch himself as a fresh face, with new ideas, against front-runner and "status quo" candidate Kevin Hague.

On the back of a disappointing general election result, Shaw is set to argue the party needs new strategies if it wants to increase its vote beyond 10 per cent. But the 41-year-old also needs to win over those in the party who are suspicious of his business background. Like Hague, he is known to favour a bi-partisan approach to politics.

Last week second term MP Gareth Hughes also put his name forward for the vote, which will take place at the party's annual general meeting in May. Also in the running is Auckland co-convenor Vernon Tava.

Russel Norman will step down after nine years in the job.