Prime minister Davíð Oddsson and former foreign minister Jón Baldvín Hannibalsson considered running in the election.[3] Guðrún Pétursdóttir, an academic, ran, but withdrew from the race ten days prior to the election date.[3]
Ólafur was considered a left-wing politician at the time, having been the leader of the left-wing People's Alliance from 1987 to 1995.[3]Guðrún Agnarsdóttir, a former member of parliament for the Women's List, was considered on the left as well.[3] Pétur Hafstein announced his candidacy shortly after Davíð decided not to run. Pétur was a Supreme Court judge, and was expected to appeal to voters of the conservative Independence Party.[3] Ólafur's campaign was described by political scientist Ólafur Harðarson as "Americanized", as Ólafur emphasized his personal qualities rather than his political background and views.[3]
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