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Is Joe Biden running in 2020?

Former Vice President Joe Biden on Thursday will launch a new political action committee, signaling he intends to remain involved in Democratic politics -- and fueling speculation that he may make a presidential bid in 2020.

Biden's American Possibilities PAC will be dedicated to electing people who believe the country is about dreaming big, and supporting groups and causes that embody that spirit, according to documents obtained by CBS News' Steve Chaggaris. will go live at 9 a.m. Thursday, and Greg Schultz -- who was a senior adviser to Biden when he was vice president -- will serve as the PAC's executive director.

"Joe is not going away, and you know that, all of you," his wife, Jill Biden, said Thursday on "CBS This Morning. "I mean, he loves politics. He loves what he's doing, and he said he would stay involved. And so he set up this PAC because he's going to be involved in the midterm elections."

Biden, now 74, weighed the possibility of a 2016 presidential bid, but ultimately decided not to run. Biden has said the death of his son, Beau, in May 2015 was the deciding factor in his in staying out of the race.

In comments he made earlier this month, Biden kept his options open for 2020.

"I may very well do it," Biden said at a SALT hedge fund conference in Las Vegas, according to CNN. "Could I? Yes. Would I? Probably not."

Other possible contenders on the Democratic side in 2020 include Vermont Sen. Bernie Sanders and Massachusetts Sen. Elizabeth Warren.

Biden reveals main regret over not running for President

In a May 2016 interview with ABC News' "Good Morning America," Biden said he would have made the "best president."

"I planned on running," Biden said at the time. "It's an awful thing to say...I think I would have been the best president, but it was the right thing, not just for my family, for me."

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