The decision followed the release of a preliminary report from the Organization of American States (OAS) mission on the elections, that was unable to validate them, saying it is "statistically unlikely" that Morales secured a 10-percent lead, required to avoid a runoff vote.
On Saturday evening, protesters forced out broadcasters at state-run Television Boliviana, leaving Morales without a key propaganda tool, according to the New York Times.
After the October 20 vote, Morales declared himself the outright victor even before official results indicated he obtained just enough support to avoid a runoff with opposition leader Carlos Mesa. But there have been widespread protests since against the result after a near 24-hour halt in the count.
The commander of Bolivia's armed forces called on embattled President Evo Morales to resign amid a growing furor over his disputed re-election. He was expected to give a press conference on Sunday morning.
U.S. Secretary of State Mike Pompeo had welcomed the call for a new vote to "ensure free and fair elections".
Morales says that this decision "hurts deeply" but that it's something he does "for the good of the country".
The head of Bolivia's Supreme Electoral Tribunal has resigned after an audit of the October 20 presidential election concluded there were irregularities in the vote.
A former president himself, he has asked Bolivia's congress to pass an emergency bill to prepare for new elections.
Morales' opponents, including Mesa and Luis Fernando Camacho, a civic leader from the eastern city of Santa Cruz who has become a symbol of the opposition, have repeatedly called for him to step down.
The dramatic turnabout came two days after police in three cities joined anti-government protests and a day after the opposition rejected Morales' appeal for urgent, open-ended dialogue.
Carlos Mesa, the centrist candidate who came in second in the disputed elections, said Morales should resign "if he has a speck of patriotism left".
"We were evicted by force after receiving constant threats from people gathered outside", Maldonado told AFP.
"We denounce before the world the attempted coup d'etat in progress against the brother President Evo Morales", said Maduro, who has been accused of corruption and human rights violations.
Bolivians demonstrated again in several cities on Friday.
"I cried with joy", he said on Twitter.
He also called on the opposition to the negotiating table to find a negotiated solution to the crisis.