Tinubu would be seeking the sole presidential ticket of the All Progressives Congress (APC).
Tinubu, who is also the national chairman of the ruling party met with Buhari in his office at the Presidential Villa on Monday.
He told State House correspondents after the meeting that he would definitely contest for the 2023 presidency.
The former Governor of Lagos State refused to be drawn into the question of a potential race for the APC ticket between him and Vice President Yemi Osinbajo.
Rather, the APC chieftain said his ambition to be president had been a life-long ambition, adding that with what he did in Lagos in his time as governor, he has the capacity to rule Nigeria.
Timubu said there is nothing that stops a kingmaker from becoming the king unless he has committed murder.
He said: “I answer that with categorical yes. I’ve informed the President of my intention but I have not informed Nigerians yet. I’m still consulting. And I have no problem consulting. And I’ve noticed that a parameter of limitation to the extent of how many people will I consult.
“You will soon hear. All you want to hear is the categorical declaration. You’ve gotten that truth from me that I have informed Mr. President of my ambition.”