Colorado Gov. John Hickenlooper (D) established a political action committee (PAC) on Monday, raising speculation that he may pursue a White House bid in 2020.

The Colorado Sun reported that Hickenlooper formed a federal leadership PAC called Giddy Up, which will allow him to fundraise up to $5,000 a year from individual donors. The money can be used to cover expenses related to political travel and policy development.

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The Sun reported that Hickenlooper, who will leave the governor's office because of term limits at the end of the year, has spent the summer talking with donors, party strategists and his family about the possibility of a presidential campaign.

The outgoing governor could also emerge as a challenger to Colorado Sen. Cory Gardner Cory Scott GardnerCook Political Report shifts Colorado Senate race toward Democrat Overnight Health Care: US coronavirus deaths hit 200,000 | Ginsburg's death puts future of ObamaCare at risk | Federal panel delays vote on initial COVID-19 vaccine distribution The Hill's Campaign Report: GOP set to ask SCOTUS to limit mail-in voting MORE (R), who faces reelection in 2020, the Sun reported.

Hickenlooper, 66, has long been rumored to be a potential candidate for national office, and he has not formally ruled out any plans for a presidential bid or another campaign. He traveled to Iowa earlier this year, though he poked fun at speculation it was related to presidential aspirations.

Hickenlooper has also denied rumors that he and outgoing Ohio Gov. John Kasich (R) could team up to form a bipartisan presidential ticket in 2020.