Liberal opposition politician Moon Jae-in said the security benefits of having Terminal High-Altitude Area Defense, or THAAD, would be curtailed by worsened relations with neighbours China and Russia.
He downplayed concerns that South Korea backtracking on the plans would cause tension with the United States, which he said was the "most important country" for South Korea in face of nuclear-armed, rival North.
"The issue of whether or not to deploy THAAD should be pushed to the next government," Moon said in a news conference.
Recent opinion polls have shown Moon as a presidential favorite amid the popular anger over conservative President Park Geun-hye, whose powers were suspended after lawmakers last week voted to impeach her over an explosive corruption scandal.
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South Korea's Constitutional Court has up to six months to decide whether Park should permanently step down. If Park is formally removed from office, the country would hold a presidential election within 60 days.
"It would be a huge honor for me if I can take part in the next presidential election," Moon said.
South Korean military officials in September picked a private golf course in the country's southeast as the site for THAAD, which was slated to be deployed by the end of next year. They originally chose a nearby artillery base in the rural farming town of Seongju as the site for the system, but changed locations following fierce protests from locals who expressed concern over potential health hazards they believe the system's powerful radar might cause.
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