Putin's announcement was greeted by a standing ovation on Saturday at a congress of his ruling United Russia party, but it alarmed critics who say his return to the presidency could herald an era of political and economic stagnation.
Putin, 58, accepted a proposal by Medvedev to return as president in the carefully choreographed congress in a Moscow sports stadium.
"I want to say directly: (Medvedev and I) reached an agreement between ourselves long ago, several years ago, on what to do in the future, on who should do what," Putin said.
This adds to the urgency to retire President Obama. We don't need an apologetic lightweight in the Whitehouse to deal on the world stage with Mr KGB.
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Take a look at the expression on Medvedev's face in the audience as he listens to Putin. It has the look of someone who might have found a horse's head in his bed.
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