Emanuel Decision Near; Likely to Leave White House

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White House Chief of Staff Rahm Emanuel may resign his position at the end of this week as he considers a run for the mayor of Chicago, but has yet to make a final decision.

A source close to Emanuel told the Associated Press he may make an announcement on Friday.

"I think that Rahm will have to make a decision quickly, because running for mayor of Chicago is a serious enterprise," President Barack Obama said Monday on NBC's 'Today Show.' "He hasn't told me yet. But as soon as he does, I'm sure that we'll announce it."

Should Emanuel leave the White House, President Obama is expected to choose an interim chief of staff. That's likely to be Peter Rouse, one of Obama's senior advisers in the White House and his former chief of staff in the Senate.

Richard Daley, long-time mayor of Chicago, recently announced he would not be running again.

Emanuel, a former Illinois congressman, has long expressed interest in the job. He must declare his intent to enter the race by Nov. 22. He would also need to collect 12,500 signatures by that day to qualify for a Feb. 22, 2011 Democratic primary.

"One day I would like to run for mayor of the city of Chicago...that's always been an aspiration of mine, even when I was in the House of Representatives," Emanuel said in April to Bloomberg's Charlie Rose.

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