Nikolai Petrov, an analyst with the Carnegie Moscow Center, told The New York Times Friday that a serious downturn could erode Prime Minister Putin's prestige among fellow Russians, so it makes sense to make his move sooner rather than later.

"He (Putin) knows how serious it is, and he's not sure that he will survive three more years without damaging … his chances of being elected again," said Petrov. "From that perspective, it makes sense to have the election sooner."

Analysts say Putin and his supporters are laying the groundwork for his return in the form of a change to the Russian constitution that would extend the term of the presidency from four to six years, the newspaper said.

The scenario sees current President Dmitry Medvedev using the change to call for a special election and then resigning, leaving Putin free to run for the job.

The constitution limits a president from serving more than two consecutive terms; however, it does not preclude a two-term president from seeking a third term after being out of office for a term.