Updated with information regarding Egyptian President Hosni Mubarak's address to the nation.

NEW YORK ( TheStreet) -- Egyptian President Hosni Mubarak said he will not run for re-election in the next presidential election. In an address to the nation on Tuesday night, Mubarak announced that he will finish out his term in office to ensure that a peaceful transition of power takes place.

Egyptian President Hosni Mubarak announces that he will not run for re-election in the fall.

Mubarak said in his speech that he would not betray his nation's trust or give up his responsibilities as president, and that his first responsibility is to restore peace to the nation and ensure a peaceful transition of power.

He also said he plans to discuss amending two articles in the Egyptian constitution regarding who can run for president as well as set term limits on future presidencies with the country's parliament.

The news comes after 8 days of political upheaval and civil unrest in Egypt as protesters call for an end to Mubarak's 30-year rule over the nation.

U.S. President Barack Obama advised that Mubarak not run for another term earlier on Tuesday, The New York Times reported, citing American diplomats in Cairo and Washington.

A special envoy for the president delivered a message to Mubarak Tuesday, stressing the need to prepare for an "orderly transition" of power in the country, a U.S. official confirmed.

Media reports have identified the envoy as retired ambassador Frank Wisner, and his message to Mubarak is being described as a consultation, rather than a demand. Wisner is also believed to have urged the Egyptian president to allow a reform process, which should include fair elections in September.

Protests throughout Cairo, Alexandria, and other Egyptian cities have continued for eight days in an attempt to force Mubarak's resignation.

Mubarak named a new cabinet on Sunday in an effort to pacify the riots. However the new lineup, dominated by regime stalwarts, seemed to do little to mollify the Egyptian people.

Tens of thousands of protesters filled Cairo's Tahrir Square again on Tuesday, vowing to remain in the streets until Mubarak steps down.

--Written by Theresa McCabe in Boston.

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