According to reports out of the White House and those close to Emanuel an announcement could come as soon as Friday. However, other sources have said that, at this time, no decisions have been finalized.
The president himself entered the debate when talking with Matt Lauer of the Today Show earlier this week. He stated he felt that Emanuel would make a “terrific mayor.”
If Emanuel does decide he would face an already crowded scene of potential candidates. Just to make it on the ballot as a legitimate candidate he would need to collect 12,500 signatures.
Rahm Emanuel's future plans so far at rumor level
Some early rumors and theories from the White House have said that Emanuel is likely to step down and make a run. It has been rumored that he would like to make that decision before the November mid-term elections. That would mean a decision is likely, at least, before November 2.
Emanuel is the often foul-mouthed and aggressive chief-of-staff to President Obama. The theories over who might replace him have already started. Emanuel has often publicly stated in numerous interviews that he would love to become mayor of Chicago. However, he also stated he was a fan of mayor Richard Daley and would only run if Daley decided not to. That decision was made by Daley earlier this year.