The Democratic candidate and former Indiana House Speaker, who also ran in 2012, announced the news Thursday.
The governor's 2015 State of the State address will likely focus heavily on education, but it could also include tax reform.
Sen. Mike Delph, R-Carmel, is introducing a bill to let the governor or state legislators run for re-election and federal office simultaneously.
Evan Bayh says he is not ruling out a run for governor of Indiana in 2016.
Marion County Clerk Beth White will likely be running against incumbent Connie Lawson for secretary of state.
The former Indiana House speaker had planned on being the Democratic Party's gubernatorial nominee in the next election.