Mrs Turia said it had been difficult to leave at that point but the time had come.
"By 2014, I will definitely be leaving at the election. I won't stand again. I think that is positive. To be honest, I think there's a real danger in building parties around personalities, as we have seen with other political parties."
The Maori Party hoped to select candidates for all the Maori seats and some general seats by May next year, at which point it was possible she would stand down as leader to make way for her successor.
"We have discussed that, and I'm okay with that."
Dr Sharples said while he would be sad to see Mrs Turia go, she deserved to spend more time with her mokopuna.
"Tari and I have been a team, we have steered this waka together for the last eight years and it will be a huge change to lose my mate. She will be leaving a legacy of opportunity for Maori that she has built up even prior to the days of the Maori Party."
The party has previously considered changing its leadership structure to allow only one leader or two of the same sex. Mrs Turia said she would like to see both a male and female position retained.
"I think it's important to keep the gender balance. I believe women bring quite a different perspective into this environment. We have a major Whanau Ora platform that is the basis of everything we stand for, and it's more important than ever now that we have a female sitting alongside any male who is leading."
On current polling, the Maori Party could be the kingmaker if it retains its three current electorate seats - meaning both Labour and National will need its support to form a Government.
Mrs Turia hoped the Maori Party would hold on to the Te Hauauru seat, where she has been MP since 1996 - first as a Labour MP before forming the Maori Party in 2004. She said voters there had shown "intense loyalty" to her and she would campaign with the next candidate to encourage people to transfer that loyalty over.
Te Ururoa Flavell was relatively safe in his Waiariki seat, but Labour's Shane Jones had eaten into Dr Sharples' majority in Tamaki Makaurau in 2011.