Even if Emanuel loses in a Democrat primary, a presidential run could catapult him to a high-profile cabinet position.
"If you run for any other office, you win or lose," David Axelrod, who worked with Emanuel in the Obama White House said. "But if you run a smart, spirited race for president you can elevate yourself. So why not jump in the pool?"
Emanuel has also earned praise from Republicans.
"Rahm Emanuel is the best all-around player for the Democratic Party,'" said Rep. Tom Cole, D-Okla., who served with Emanuel in the House. "Who else has been as successful as a political operative, a party leader, an elected official, a high-level staffer and a diplomat?"