Labour describe the card as as “important” part of Livingstone’s promise to cut fares after successive above inflation increases by Mayor Boris Johnson.
City Hall says the rises are essential to maintain investment levels.
Livingstone says he would use unspent money in Transport for London’s budget to fund a one-off 5% cut.
However Johnson and Liberal Democrat Mayoral runner Brian Paddick have both claimed Labour’s figures don’t add up.
The new ZoneSaver would replace the Zone 2-6 Travelcard abolished as part of Mayor Johnson’s latest fares increase.
Livingstone said: “This is about righting a wrong and ending a disgraceful stealth tax on outer London that should never have been imposed by the Conservative Mayor.
“In tough times we need to use the levers available to the mayor to reduce the pressure on people who are really feeling the pinch – not a city administration that has become so remote it thinks nothing of a 74 per cent fare rise for many commuters in outer London.
Later this week Livingstone will be joined by Labour politicians and union figures at a ‘Fare Deal’ rally.