"I think I have put my five years as a premier, and I think it's somebody else's turn,” she said.
“I will relate that information right now so anybody out there who is thinking of running as premier will be prepared."
Aariak said she will run for a seat as a Member of the Legislative Assembly.
The Nunavut election is Oct. 28. Today, MLAs begin the final sitting of this legislative assembly.
Aariak was a first-time MLA and the only woman elected to the Nunavut legislative assembly in 2008 when she became Nunavut's second premier.
The MLA for Iqaluit East and a former Nunavut Languages Commissioner, Aariak won more votes than former premier Paul Okalik and veteran politician Tagak Curley in a secret ballot conducted among MLAs at the Nunavut leadership forum that followed the 2008 election.
Under the territory's consensus style of government, following the election, MLAs choose a premier, speaker and cabinet ministers from among the elected MLAs.