Russian President Vladimir Putin turns 71 years old on Saturday. Attention is focused on whether he will announce that he is seeking another term in the presidential election scheduled for March next year.

Major Russian newspaper Kommersant on Tuesday quoted a source close to the Kremlin as saying that Putin may announce his bid for the 2024 presidential election at an event in Moscow that starts in early November.

Independent Russian media outlet Meduza has reported that the Putin administration has set a target for the incumbent to win more than 80 percent of the vote.

Last month, Kremlin spokesperson Dmitry Peskov said that if Putin stands as a candidate, it is obvious that at this stage the president will face "no real competition."

Putin assumed the presidency at age of 47. In 2020, he led constitutional reforms that could allow him to potentially remain in power until age 83.

As Russia's invasion of Ukraine drags on, the Putin administration appears to be aiming to have the election demonstrate the Russian public's support for the president.