The 45-year-old former white-ball specialist, who turned out for Australia 140 times in all formats, has been selected as the Liberal candidate for The Entrance on the Central Coast.
The seat is held by Labor's David Mehan on a five-per-cent margin.
Bracken, now a construction materials account manager living with his family on the Central Coast, said he wanted to improve education and employment opportunities for young people in the area.
"I want to see positive change in The Entrance, with increased infrastructure and community facilities in the area," he said in a statement on Friday.
"And you can't make changes sitting on the sideline, so I will be campaigning hard to get elected and be able to make a positive difference in the lives of the Central Coast community.
"Our community has been grappling with rising cost of almost everything, and Coast families deserve to get great support that can only be delivered by the Perrottet government."
While Mr Bracken grew up in the Blue Mountains, his links to the Central Coast have been longstanding, the Liberal Party said.
He was the first player to take the Cricket World Cup to the Central Coast community and had participated in charity and fundraising events across the coast for Give Me 5.
Bracken has been an ambassador and spokesperson for several charitable organisations, including Movember, Beyond Blue and the McGrath Foundation.
Treasurer Matt Kean said he was thrilled Mr Bracken was putting his hand up for parliament, particularly for the MPs' annual cricket match against the press gallery.
"As the captain of the parliamentary cricket team, I'm thrilled that finally we've got someone who can actually play cricket," Mr Kean said on Friday.
"He's been a great leader on the cricket field and I've no doubt he'll be a great leader for his community.
"He is well placed to know about leadership and supporting building teams and building communities and I know that Nathan wants to do exactly that."
Mr Bracken played five Tests for Australia between 2003 and 2005, when bowling spots were dominated by Glenn McGrath, Jason Gillespie and Brett Lee.
But he was at his best with the white ball, taking 174 wickets at 24.36 in one-day internationals before his retirement in 2010.
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