WATCH: Terry McAuliffe announces bid for governor in Richmond

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RICHMOND, Va. (WRIC/ABC) — Terry McAuliffe will seek a second term as Virginia governor, making an official announcement Wednesday at an elementary school in Richmond.

McAuliffe, 63, served as the Commonwealth’s from 2014 to 2018, has been expected to throw his hat in the ring, and will formally launch his campaign for the 2021 race at Miles Jones Elementary School in Richmond.

State law only allows for sitting governors to serve one consecutive four-year term, but they can run again after leaving office. ABC said his decision to seek a second term as governor comes after he was thought to potentially enter the race for president in 2020.

It is also anticipated that McAuliffe will name Richmond Mayor Levar Stoney as one of his three co-chairs, someone with direct knowledge told 8News.

ABC predicts the high-profile Democrat and close ally of both Joe Biden and the Clintons is likely to be considered the front-runner once he officially enters the race.

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