West African states have said they will remove him by force if he does not.
The UN and the African Union regard Mr Gbagbo's rival, Alassane Ouattara, as the winner of the 28 November election. The Heads of State travelling to Ivory Coast are Benin's Boni Yayi, Sierra Leone's Ernest Bai Koroma and Cape Verde's Pedro Pires - who represent the Economic Community of West African States (Ecowas) .It is their second visit in less than a week. Last Tuesday they flew to Abidjan, Ivory Coast's commercial capital, but failed to convince Mr Gbagbo to stand down.
On Monday they are being joined by Kenyan Prime Minister Raila Odinga, representing the African Union. "He will seek a peaceful settlement to the election crisis... and seek an assurance of safety and security for Mr Laurent Gbagbo and his supporters, if he agrees to cede power," Mr Odinga's office said in a statement. He was one of the first African leaders to call for military intervention to oust Mr Gbagbo.