Today he has officially announced forming a presidential exploratory committee with a final announcement on a White House run slated for February 10th in Illinois. From his statement:

As many of you know, over the last few months I have been thinking hard about my plans for 2008. Running for the presidency is a profound decision - a decision no one should make on the basis of media hype or personal ambition alone - and so before I committed myself and my family to this race, I wanted to be sure that this was right for us and, more importantly, right for the country.

I certainly didn't expect to find myself in this position a year ago. But as I've spoken to many of you in my travels across the states these past months; as I've read your emails and read your letters; I've been struck by how hungry we all are for a different kind of politics.

So I've spent some time thinking about how I could best advance the cause of change and progress that we so desperately need.

The decisions that have been made in Washington these past six years, and the problems that have been ignored, have put our country in a precarious place. Our economy is changing rapidly, and that means profound changes for working people. Many of you have shared with me your stories about skyrocketing health care bills, the pensions you've lost and your struggles to pay for college for your kids. Our continued dependence on oil has put our security and our very planet at risk. And we're still mired in a tragic and costly war that should have never been waged........

You can watch the video here.