The controversial public figure is one of 12 names put forward by students to take part in an election for the position.
Yiannopoulos recently courted controversy after a video emerged in which he allegedly condoned ‘consensual’ sexual relationships between boys and older men.
His book publisher withdrew a book deal and the American Conservative Union cancelled a scheduled appearance at the CPAC event amid a backlash.
He also resigned from his role as editor at ‘alt right’ news organisation Breibart in the wake of the revelations, a website which used to be run by White House chieft strategist Steve Bannon.
Yiannopoulos was previously banned from Twitter after comments he made about black actress Leslie Jones, star of the 2016 Ghostbusters reboot.
The 32-year-old provocateur has personally accepted the invitation to take part in the election process after being nominated by at least ten students.
In a statement on its website, the university said: “All nominees have personally agreed to take part in the election which will be conducted electronically and under the single-transferable-vote system from 9am on 20 March until 4pm on 21 March 2017.”
The role of the rector, which is elected every three years, is to represent the interests of the students, working with the Students Representative Council. The elected rector is also expected to attend five meetings a year.
Incumbent Edward Snowden, the infamous National Security Agency whistleblower, was elected by students in 2014.
His three-year term will come to an end when his successor is elected this year.
Others in the running for the position are Glasgow University alumni, former Liberal Democrat leader and minister Sir Vince Cable and lawyer Aamer Anwar.