He has singled out the Independent Electoral and Boundaries Commission (IEBC) for particular criticism, deeming it "rotten".
President Kenyatta said Odinga has exercised his democratic right to withdraw from the repeat poll but Jubilee is ready for the planned poll.
The National Super Alliance (NASA) leader said it is only through his withdrawal that the country will have a free and fair election as per the law.
The government is keen to avoid a constitutional crisis if Odinga pulls out at the last minute, frustrating the court's order to hold elections within 60 days, Muturi said.
"This being the case, it is our conviction that our withdrawal is in the best interest of the country and a win-win for everyone".
They also said the ill-conceived amendments to election laws led to the decision not to participate in the fresh elections.
Shortly after Odinga made his announcement, President Uhuru Kenyatta took the stage at a political rally in Western Kenya.
"He is free to withdraw from the race if he is not interested".
"If at the close of nominations for a presidential election, only one candidate is validly nominated, the Commission shall publish a notice in the Gazette showing the name of the candidate so nominated and stating that the presidential election shall not be held, and the Commission shall declare the candidate elected as President in Form 14", Regulation 21 reads.
The August 8 presidential poll was cancelled by Kenya's paramount court, which cited widespread "illegalities and irregularities".
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NASA or any other party opposing the IEBC decision to declare Uhuru victor can go to the Supreme Court and still insist on a fresh election after which the court will give its verdict.
In the run-up to the reelection, there were attempts by Kenyatta's Jubilee Party, which has a majority in parliament, to reform electoral laws and the IEBC, but the opposition dismissed the efforts as insincere. The 2017 presidential elections are only the second being conducted under the new constitution, so this puts Kenya in uncharted waters.
While Kenyans voted peacefully on August 8, the opposition quickly cried foul over tallying and the Supreme Court agreed, citing "disturbing, if not startling, revelations" about the conduct of the IEBC.
Kenyatta has said he does not want changes to the electoral commission.
While Jubilee believes the changes are meant to facilitate a smooth transmission of votes, their counterparts in the NASA coalition say the "ill-conceived amendments to election laws are not only unconstitutional but go against global best practice that in the middle of an elections contest one can not change the rules and put in place rules that seek to favour him".
Pundits agreed that east Africa's largest economy was staring at a new wave of political stalemate that bodes ill for Kenya's ability to remain stable and hasten economic growth.
"On September 1, a six-judge bench under the leadership of Chief Justice David Maraga nullified the presidential election saying that that the outcome of the vote was invalid, null and void", ordering for a rerun.
The electoral commission tweeted that they were meeting with their legal team and "will communicate the way forward".
Opposition lawmakers had also said on Tuesday they would boycott the elections.