Early Tuesday, Bill Daley kicked the "exploratory" label to the curb and announced via his campaign website he was going all-in for the 2014 Democratic nomination in the Illinois governor's race.
In a video statement released with his announcement (embedded above), Daley said he was "committed" to running for the state's highest office.
"There is no exploratory piece of this anymore," Daley said. "The response I've gotten from people throughout the state has been very positive, and one of the things I want to bring is a different way and openness to Springfield that hasn't been there."
After playing coy about his gubernatorial ambitions since last November, Daley's Tuesday announcement puts months of speculation to rest. Though he comes from a Chicago political dynasty, Daley, the former White House Chief of Staff under Barack Obama, has never held elected office.
Though green as a candidate, Daley's already amassed an impressive war chest, reportedly raising $800,000 in the first 19 days of his campaign.
Daley's personal wealth makes him likely the second-richest candidate in the race so far, behind GOP buisnessman and multi-millionaire Bruce Rauner.
Rauner is Daley's would-be competition on the crowded GOP side; with Democratic former-favorite Illinois Attorney General Lisa Madigan out of the running, Daley's lone challenger for the moment is the incumbent, Gov. Pat Quinn.