In a statement on Wednesday, Jalili said he would pull out of the race in favor of another candidate, incumbent Judiciary Chief Ebrahim Raeisi.
Earlier, Mohsen Mehralizadeh and Alireza Zakani had also announced their decision to withdraw their candidacy.
The presidential election will be held on Friday with four candidates remaining, namely Raeisi, Mohsen Rezaee, Seyed Amir Hossein Qazizadeh Hashemi and Abdolnasser Hemmati.
The number of eligible voters in the upcoming election stands at more than 59,310,000.
On Wednesday, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei called for high turnout in the polls, describing participation in elections as “an act of virtue”, and saying that a massive turnout would make the country stronger at the international level.