The decision came as the national election commission announced early results from the election held on Sunday which is expected to return incumbent Alpha Conde to a second five-year term.
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Guinea has a history of political violence linked to ethnic tensions and several people have been killed in election-related clashes.
However, European Union observers proclaimed the vote itself to be valid, noting only minor irregularities.
It will declare its totals later and candidates then have eight days to lodge complaints before they are validated by the constitutional court.
“I will invite, at the appropriate time, other candidates and all citizens who are the true victims of this electoral hold-up to organize, conforming to the law, peaceful demonstrations to express our indignation and protest against this serious denial of democracy”, said Diallo, Conde’s main rival, in a statement read to the media.
State security forces have been implicated in past violent demonstrations in this West African nation, as have Conde’s supporters.
Worldwide Criminal Court prosecutor Fatou Bensouda has said the court is following developments in Guinea closely to see if any unrest falls under its jurisdiction. But the margin of Conde’s victory may make it harder for Diallo’s accusations to gain traction.
The opposition has said that Sunday’s vote, only the second democratic presidential poll since Guinea gained independence from France in 1958, was marred by widespread fraud and mismanagement, and demanded a re-run.
Guinea President Alpha Conde is far ahead of his closest competitor in his bid for re-election and could garner enough support to avoid a runoff, according to preliminary results available Saturday. The country, which is Africa’s biggest producer of bauxite, has had two long-time authoritarian rulers.
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Human Rights Watch is calling on all parties to act with restraint. It is relying on mining to boost its economy, estimated by the World Bank at $6.6 billion in 2014, after a slowdown caused by Ebola.
