The leader, who has lost support in Greece after two days of political turmoil says his only concern is Greece’s future.
He said: “I don’t care about being re-elected. I am interested in saving the country.”
A vote of no confidence will take place today after Antonis Samaras, opposition leader, called on the Socialist prime minister to resign.
If he loses the confidence vote, Greece could face political uncertainty and a snap election. This may mean it won’t receive bailout funds that it needs to avoid defaulting on loans.
Papandreau has said calling early elections would be “catastrophic” and Greece needs to implement the bailout plan.
Papandreou said he was open to creating a transitional government to benefit the bailout deal, with elections following soon after.
“Let everything be discussed – the makeup of the government and anything else,” he said.
He added: “I am not glued to my seat.”
Papandreou announced on Monday that he was going to but the £100bn rescue plan, which was agreed last week, to the Greek people in a referendum.
Stock markets saw heavy losses at the beginning of the week but picked up again when it emerged that the bailout referendum would not happen.
Professor Kevin Featuerstone, a contemporary Greek politics expert at the London School of Economics, said today’s vote of no confidence was a serious threat to Papandreou.
He said: “We’ve seen a number of his own party calling for him to go – a very unusual degree of dissent. It must remain open whether he can win that vote of confidence or not.”