David Axelrod says family considerations are a big factor, and he says Emanuel is working through those issues.
So what's Axelrod's bet that Emanuel will go for it? "I never bet on national television,'' Axelrod tells ABC's "This Week.
Obama has said Emanuel would be "a terrific mayor,'' though he thought Emanuel would wait until after the Nov. 2 elections before deciding. Election rules give candidates until Nov. 22 to file petitions to run.
Axelrod says Emanuel has always believed that being mayor "was the greatest job there is.''
Longtime Mayor Richard Daley isn't running again.