Former Rhode Island Treasurer Frank Caprio is planning to run for the office again.
Caprio's former communication director Peter Kerwin told NBC 10 on Friday that Caprio intends to run for the office next year.
"He told me he is running. He has a fundraising plan, and he won't take money from anybody doing business with the office," Kerwin said.
Kerwin told NBC 10 that he thinks Caprio is concerned about how the state's investments are being handled.
"He stayed out of the housing bubble and hedge funds when he was treasurer and that served the state well," he said.
Caprio, a Democrat, served a single term as treasurer before mounting a failed gubernatorial bid in 2010.
During that race Caprio made national news when he said President Barack Obama could "shove it" for not endorsing him. Obama declined to endorse anyone in the race because the eventual winner, independent Gov. Lincoln Chafee, had endorsed his White House bid in 2008.
He has worked as managing director of Chatham Capital since 2011.
Current Treasurer Gina Raimondo has said she is considering running for governor next year.
Caprio's interest in the race was first reported by the website golocalprov.com.
The Associated Press contributed to this report.