"I believe I have the tools needed to really help our struggling families and move our state forward -- and that is why I'm running for Governor of Tennessee," McWherter said in a statement.
Democrats have long been working to recruit McWherter for statewide office.
McWherter formed an exploratory campaign for the 2008 Senate race against Republican Sen. Lamar Alexander and several Democrats cleared the field for McWherter. But the businessman dropped out in November 2007, citing the expected financial burden.
Democratic Gov. Phil Bredesen is term-limited and barred from seeking re-election, so there will be no incumbent on the gubernatorial ballot.
Zach Wamp, Congressman for Tennessee's 3rd District, Bill Gibbons, Shelby County District Attorney General, and Knoxville Mayor Bill Haslam have announced candidacies for the GOP nomination.
Democrats believe they can hold the governor's seat in Tennessee despite Republicans winning other statewide votes, most recently in the 2008 presidential race, whenJohn McCain received 57 percent of the vote.
Kim McMillan, former state House Majority Leader, businessman Ward Cammack, and state Sen. Roy Herron, are among the candidates running on the Democratic side.
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