Updated

Former Virginia Gov. Terry McAuliffe on Wednesday announced his candidacy for his old job.

McAuliffe is aiming to become the first Virginia governor in nearly half a century to be elected to multiple terms. State law in the commonwealth prohibits a sitting governor from running for reelection. But former governors are able to bid for their old jobs.

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McAuliffe, a Democrat, was elected governor in 2013. He was succeeded in 2017 by fellow Democrat Ralph Northam, who served as lieutenant governor under McAuliffe.

"It’s official, I’m running to be the next Governor of Virginia. We need to go big, and be bold to make sure Virginia rebuilds stronger than ever after COVID-19. I’m running to deliver that leadership to the Commonwealth," McAuliffe wrote on Facebook and Twitter minutes after making his announcement in the capital city of Richmond.

McAuliffe, a longtime close friend and adviser to Bill and Hillary Clinton, served as Democratic National Committee chair from 2001-2005 and later chaired Hillary Clinton’s 2008 unsuccessful presidential campaign. He first ran for Virginia governor in 2009, losing a primary bid. But he launched a successful campaign in 2013. McAuliffe last year flirted with a run for the Democratic presidential nomination but ended up backing former Vice President Joe Biden.

While he was unopposed in his own party when he won the governorship in 2013, it’s a very different story now. Three Democratic candidates – who are Black – have already announced their gubernatorial campaigns in a state that is quickly diversifying. They are Lt. Gov. Justin Fairfax, state Sen. Jennifer McClellan and Del. Jennifer Carroll-Foy. Virginia has never elected a woman as governor, and has only chosen one Black man: Doug Wilder in 1989.

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McAuliffe was joined on Wednesday by his three campaign co-chairs: Virginia Senate President Pro-Tempore L. Louise Lucas, House Majority Leader Charniele Herring and Richmond Mayor Levar Stoney, who are all Black. Thanks to his strong name recognition and prolific ability to fundraise, pundits see McAuliffe as the early favorite in the nomination race.

Two of his main primary rivals took aim at McAuliffe.

"I respect the work that former governor Terry McAuliffe has done. But to be frank, he is emblematic of the status quo that has simply left too many people behind," Foy tweeted.

And McClellan said that "at this time of tremendous change and challenge, Virginia must look to the future for leadership.”

State Del. Lee Carter is also running for the Democratic nomination.

Last week the Republican Party of Virginia voted to pick their 2021 gubernatorial nominee at a state convention rather than a primary. The state GOP has held a gubernatorial primary in only four elections dating back to 1969. Two Republicans have already declared their intentions to run for governor. They are state Del. Kirk Cox and state Sen. Amanda F. Chase, who said she'd run as an independent after the GOP voted down a primary.

Five other Republicans are mulling bids.

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Virginia and New Jersey are the only two states in the nation to hold elections for governor in the year after a presidential election, giving both states outsized attention.

Fox News' James Levinson contributed to this report