Moscow
In a statement on Friday, the 66-year-old said said the country's constitution should be reformed to reduce the considerable powers of the presidency, the BBC reported.
Handing the current system to an "unknown", as he put it, would spell trouble.
Lukashenko also stressed that this proposed reform was not for him, personally, as he would not be President under the new system.
But he stopped short before giving a timescale.
Widespread protests have gripped Belarus since Lukashenko won over 80 per cent of the votes in the August 9 presidential election, securing another six years at the helm.
In the election, the President's rival Svetlana Tikhanovskaya managed to garner only 10 per cent of the ballots.
The European Union (EU), UK and the US have rejected the election results, saying the polls were rigged.
The mass unrest has seen at least four people killed and hundreds injured.
Despite the protests, Russia recognises Lukashenko as the legitimate President of the eastern European country.
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