Moscow, Sep 11 (RIA Novosti) Russian Prime Minister Vladimir Putin said Friday that he and President Dmitry Medvedev would come to an agreement before the 2012 presidential polls and would not compete with each other.

'There will be no competition. We will reach an agreement because we are of the same blood and of the same political outlook,' Putin said during a meeting of the Valdai Discussion Club, an annual meeting chaired by Putin to forecast Russia's foreign and domestic policies.

Medvedev, Putin's hand-picked successor, was inaugurated in May 2008, and the former president became prime minister a day later, with the pair pledging to run the country in 'tandem'.

Medvedev later proposed introducing constitutional amendments to extend the presidential and parliamentary terms to six and five years, respectively. He signed them into law last December, after they were approved by the lower and upper houses of parliament.

'Putin said he felt comfortable with the amount of power he has as prime minister. He is in no competition with President Medvedev,' said Nikolai Zlobin, a member of the Valdai Discussion Club.