By Jarrett Renshaw and David Giambusso/The Star-Ledger

NEWARK — Newark Mayor Cory Booker knows — better than anyone — that he has to make up his mind.

With the presidential race in the state’s rearview mirror, New Jersey’s leading Democrats have already shifted their attention to the state’s main prize — the governorship — and all the power that comes with it.

Two sources familiar with Booker’s thinking told The Star-Ledger he plans to decide whether to challenge Gov. Chris Christie — who has indicated he plans to seek re-election — by mid-December, leaving plenty of time for other potential Democratic candidates to mount a campaign.

"If Mayor Booker wants it, it should be his for the asking," former Gov. James Florio said Tuesday night at an election night party for Democrats in New Brunswick. "He’s got the money and the name recognition."

But before Booker decides, the two sources, who declined to be identified because they were not authorized to speak, said he has planned at least one trip to California to talk to potential fundraisers and to gauge their support. One stop on the West Coast trip will be a party hosted by Lady Gaga’s manager, Troy Carter, who launched his career in Philadelphia working for a young rapper named Will Smith.

More than anything else, the trip west underscores Booker’s sizeable advantage over a crowded Democratic field: his relationships with celebrities, and his ability to raise enough cash to compete with a large Christie campaign fund and to pay for crucial statewide advertising.

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Carter gave $60,000 to Democrats for their convention in Charlotte, N.C., last summer, and has donated to Booker and his federal political action committee in the past. In the 2010 municipal election, Booker raised more than $1 million from California donors, including Carter and others in the entertainment industry.

It will require a daunting effort to take on Gov. Chris Christie — who has given every indication he plans to seek re-election — and at the same time dull the prospects of the popular governor for a possible presidential bid in 2016.

Booker’s decision will shape the race, and his entry could supply the nation with one of its most compelling political stories next year. If he’s in, he all but clears the field; if he’s out, a crowded primary fight among Democrats with little love for each other is assured.

A Quinnipiac University poll released in October — taken before Christie’s much-praised performance in response to Hurricane Sandy — encouraged some leading Democrats. While Christie remained popular, the poll showed he held only a small lead in head-to-head matchups with Booker and state Sen. Richard Codey (D-Essex), who inhabited the governor’s office for 14 months.

"A sneak peak at the 2013 election for governor shows Newark Mayor Cory Booker could give Gov. Christie a run for his money, if the mayor decides to run," Maurice Carroll, director of the Quinnipiac poll, said when the poll when was released.

Christie’s other potential Democratic challengers include state Sen. Barbara Buono (Middlesex), Assembly Majority Leader Lou Greenwald (Camden), Senate President Stephen Sweeney (Gloucester) and Assemblyman John Wisniewski (Middslesex).

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A source familiar with Codey’s activities told The Star-Ledger the former governor had begun setting up meetings with county chairmen to gauge primary support, and another said he had even reached out to people on President Obama’s political team.

"Codey and I have been friends for a awhile," Lou Stellato, the Bergen County Democratic chairman, said. "He called me today and said that we need to get together and get behind a candidate. We need a unified front and we need to select someone soon and avoid a prolonged fight."

Codey declined to discuss what steps he had taken or to offer a timeline for any decision, adding that he would not be swayed by Christie’s response to Hurricane Sandy.

"I understand the governor has done a very good job on the storm ... but a year in politics is a lifetime," he said.

Democratic chatter has Buono — one of the more liberal lawmakers in Trenton and who provides the sharpest contrast with Christie — ready to run regardless of Booker’s plans.

"There are no timelines," Buono said. "Right now ... I’m focused on helping my constituents recover from the Hurricane."

As for Wisniewski, the chairmanship of the state Democratic Party has put him in a good position from which to build support. On election night, he rallied a room full of supporters.

"Being the chairman has led me to talk to party officials, from the north to the south," he said in a telephone interview yesterday, "and they want someone who will challenge Christie vigorously and who will stand up for Democratic principles, while offering pragmatic solutions."

As he put it, "I am considering a run, but have not made a final decision."

For now, Booker is still the one to watch. He has hired Mather Martin, a fundraiser and veteran of Hillary Rodham Clinton’s presidential campaign, and two sources say the mayor has told his political team to take a vacation during the Thanksgiving holiday and prepare for a potentially busy December.

Just this week Booker lent his voice to several robo-calls on behalf of Democratic candidates and the successful $750 million higher education bond issue that was on the ballot.

From early in his career, Booker has had the financial support of familiar names, from Bain Capital to Barbra Streisand and Steven Spielberg.

And despite nominal opposition to his re-election in 2010, Booker raised close to $8 million.

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