Former Dragon’s Den business mogul Kevin O’Leary officially joined the battle for the leadership of the Conservative Party on Wednesday.

Sources close to the campaign told The Toronto Sun on Tuesday that the mogul was poised to launch his bid in Toronto after bowing out of the French-language debate in Quebec City Tuesday night.

According to media reports — which also confirmed O’Leary will run for the leadership — the anticipated announcement comes a week after his campaign exploratory committee told the entrepreneur there was a “clear path to victory.”

"This is the real deal. This is about Canada," O'Leary said on CTV's Your Morning after announcing he would be entering the race.

He has until Feb. 27 to file his candidacy papers.

Political science professor Nelson Wiseman, of the University of Toronto, said Tuesday he’s concerned about the timing of the announcement.

“It’s getting a little late in the day,” he said. “Because he’s waited so long there are only another 10 weeks for people to sign up members. And there are also limitations and how much money you can raise.

“He is an outsider, living in Boston, and it’s easy to make comparisons to him and Trump —– in that they’re both loud-mouth business people, although they’re quite different with the positions they take.”

However, O’Leary is bound to bring “spice and entertainment” to the leadership race as well, he added.

“He’s largely a blowhard when it comes to politics,” Wiseman said. “He thinks he knows all about government, although he’s never worked in government or making public policy.”

O’Leary’s entrance could add some excitement to an otherwise muted race.

Candidate Lisa Raitt generated some controversy recently when she launched a pre-emptive strike on O’Leary accusing him of using “negative, irresponsible” Donald Trump-style tactics and “cheap talk.”

She even launched StopKevinOLeary.com. Raitt also cut into contender Kellie Leitch, charging she was pinning the country’s problem on immigrants and setting up the Conservatives to fail in the next federal election.

O’Leary, who does not speak French, but is now taking lessons, says he’s “getting frustrated” that there are still 13 candidates now in the running.

He says the crowded field has reduced the debates, in his words, to “just a bunch of sound bites.”

The vote will take place on May 27 at the Toronto Congress Centre.

jyuen@postmedia.com

– With files by the Canadian Press