Infantino, who is seeking re-election in March, has faced mounting opposition since his failed attempt in July to bring private investors into a new FIFA commercial entity holding rights linked to competitions including the World Cup.
Vega, 55, represented Switzerland from 1993 to 2001 and enjoyed a club career that included spells with Cagliari, Spurs, Celtic and Watford.
He won the League Cup with Spurs in 1999 before helping Celtic complete a domestic treble in the 2000/01 season, lifting the Scottish Premier League, Scottish Cup and Scottish League Cup.
"My purpose is straightforward: to serve football and the people who give the game its life," Vega said in his manifesto.
"I am standing to reunite the global football family, deliver genuine and lasting reform, modernise FIFA for the 21st century, restore stability and credibility, and rebuild the trust that our game urgently needs."
Last month, the Swiss Football Association became the latest national body to withdraw its support for Infantino's bid for another term as FIFA president.
The move was another setback for the 56-year-old, with the football associations of England, Wales, France, Serbia and several other European countries having already withdrawn their endorsements ahead of the election.
European soccer's governing body UEFA has pledged to present a rival candidate before the November deadline.
Infantino last month wrote to FIFA's 211 member associations proposing an independent review of the governing body's decision-making processes.
Vega is the first candidate to publicly confirm his intention to challenge Infantino. Vega had also explored runs for the FIFA presidency in 2015, 2019 and 2022.
"Football does not belong to presidents, confederations or administrators," Vega added. "Football is greater than any position, any individual or any institution.
"It is the people's game and belongs to everyone: the players, coaches, referees, supporters, volunteers, clubs, leagues, associations and communities that give football its life...
"The current leadership has demoralised the game... Weak governance has damaged FIFA's credibility and eroded trust across the global football family. We must stop this conflict from escalating."
Reuters has contacted FIFA to seek comment from the governing body and Infantino.