Maldives President Mohamed Waheed has pulled out of this year's presidential election, after receiving five percent vote in the first round of the ballot.
Waheed said his decision was in the greater interest of the Maldives.
According to the BBC, Nasheed won 45 percent of the vote and was to face a run-off with another rival.
But the courts annulled the result, and a new round of elections has been scheduled for later this month.
Nasheed came to power in 2008 in the Maldives' first free elections, but resigned amid violent protests and a mutiny by senior police officers in February 2012, the report added.