Cordray, who's been rumored to be eyeing a bid for some time, will make the announcement in his hometown of Grove City, an adviser told the AP.
Cordray, 58, resigned last month as director of the CFPB, which set off a legal battle over who should serve as his successor.
Cordray named deputy director Leandra English as acting director, while President Trump argued he had authority to name an interim replacement, tapping Mick MulvaneyMick MulvaneyJan. 6 committee issues latest round of subpoenas for rally organizers The Hill's Morning Report - Presented by Alibaba - To vote or not? Pelosi faces infrastructure decision Jan. 6 panel subpoenas 11, including Pierson, other rally organizers MORE, the director of the Office of Management and Budget.
Cordray previously served as Ohio's attorney general and treasurer.
Five Democrats have already announced they'll seek the gubernatorial nomination to replace outgoing Ohio Gov. John Kasich (R), who cannot seek reelection because of term limits.
Television host and former Cincinnati Mayor Jerry Springer said last week he will not run for the office.