Former Virginia Gov. Terry McAuliffe will announce his candidacy for his old job on Wednesday, a source familiar with his plans tells Fox News.McAuliffe is aiming to become the first Virginia governor in nearly half a century to be elected to multiple terms. State law in the commonwealth prohibits a sitting governor from running for reelection. But former governors are able to bid for their old jobs.MCAULIFFE KNOCKS HIS OWN PARTY AFTER IOWA CAUCUSES DEBACLEMcAuliffe, a Democrat, was elected governor in 2013. He was succeeded in 2017 by fellow Democrat Ralph Northam, who served as lieutenant governor under McAuliffe.He is expected to make his announcement in the capital city of Richmond and hinted at his “big announcement” in a tweet early Wednesday morning.McAuliffe, a longtime close friend and adviser to Bill and Hillary Clinton, served as Democratic National Committee chair from 2001-2005 and later chaired Hillary Clinton’s 2008 unsuccessful presidential campaign. He first ran for Virginia governor in 2009, losing a primary bid. But he launched a successful campaign in 2013. McAuliffe last year flirted with a run for the Democratic presidential nomination but ended up backing former Vice President Joe Biden.While he was unopposed in his own party when he won the governorship in 2013, it’s a very different story now. Three Democratic candidates – who are Black – have already announced their gubernatorial campaigns in a state that is quickly diversifying. They are Lt. Gov. Justin Fairfax, state Sen. Jennifer McClellan and Del. Jennifer Carroll-Foy. Virginia has never elected a woman as governor, and has only chosen one Black man: Doug Wilder in 1989.MCAULIFFE RECORDED SAYING DEMOCRATS PREFER BIDEN STAY ‘IN THE BASEMENT’McAuliffe is expected to announce three campaign co-chairs: Virginia Senate President Pro-Tempore L. Louise Lucas, House Majority Leader Charniele Herring and Richmond Mayor Levar Stoney, who are all Black. Thanks to his strong name recognition and prolific ability to fundraise, pundits see McAuliffe as the early favorite in the nomination race.Last week the Republican Party of Virginia voted to pick their 2021 gubernatorial nominee at a state convention rather than a primary. The state GOP has held a gubernatorial primary in only four elections dating back to 1969. Three Republicans, including state Del. Kirk Cox, have already declared their intentions to run for governor.CLICK HERE TO GET THE FOX NEWS APPVirginia and New Jersey are the only two states in the nation to hold elections for governor in the year after a presidential election, giving both states outsized attention.