(CNN) Former Gov. Deval Patrick has decided not to run for President and plans to announce his decision soon, a source close to the Massachusetts Democrat tells CNN.

Patrick, a two-term governor and close ally to former President Barack Obama, had been considering a 2020 run after entering the private sector and taking a job at Bain Capital in 2015. He had upped his political involvement ahead of the 2018 midterms -- endorsing candidates in South Carolina, Texas, New Jersey and a handful of other states -- leading many to believe he was going to jump into the race.

Patrick, despite the speculation that he was going to run, had repeatedly acknowledged the enormity of the decision.

"It's on my radar screen," Patrick told a public radio station in Kansas City during the midterms, adding that "it's a huge decision."

"I am trying to think through 2020," Patrick said. "And that's a decision I'm trying to think through from a personal and family point of view."

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