Labour, ahead of the governing Conservatives in the polls, suspended Corbyn in 2020 following a report into how anti-Semitism complaints were handled under his leadership.
Corbyn was Labour leader at the last election in 2019.
He has held the Islington North seat since 1983.
Labour officials have not included the 74-year-old in a shortlist of candidates for the seat, prompting his decision to go it alone as an independent.
"I want our political parties to be democratic but members of Islington North Labour have been denied the right to choose a candidate," Corbyn said in a video announcing his plan.
"So we have to stand up.
"We have to stand up and say, we're not taking this anymore.
"We will assert our rights.
"That's why I'm standing to be an independent candidate for the people of Islington North."
The Labour Party has a 17-percentage point lead over Prime Minister Rishi Sunak's Conservative Party in the first opinion poll conducted since he unexpectedly set a July 4 date for general elections.
The poll was conducted by More in Common, a member of the British Polling Council which sets professional standards for polls conducted in the UK.
The poll of more than 2000 people showed 44 per cent support for Labour and 27 per cent for the Conservatives, with the populist Reform UK party on 10 per cent and the centrist Liberal Democrats on nine per cent.
The Green Party was on five per cent.
The results were broadly similar to those from other pollsters.
A previous poll conducted from May 17-19 by More in Common showed Labour with a 16-point lead.
More in Common was set up after the 2016 murder of the MP Jo Cox by a man obsessed with Nazis.
The polling company also acts as a strategy and communications consultancy and has broader goals around climate change and support for refugees.
