Ford recently ran for mayor of Toronto in his ailing brother's place, but lost to John Tory at the polls.
Within hours of that loss, Ford said he was considering a run at the PC leadership.
Calling it the toughest decision of his life, Ford said today that he will announce his intentions Thursday morning at the headquarters of his family business.
His late father, Douglas B. Ford, served as a Tory MPP for a single term in the 1990s. So far, none of his offspring have followed him into provincial politics.
The provincial Tories have already set out the rules for those entering the leadership contest and have already held at least one public debate.
Declared leadership candidates at this point include Patrick Brown, Christine Elliott, Vic Fedeli, Lisa MacLeod and Monte McNaughton.
The leadership renewal process was triggered by the resignation of Tim Hudak, which came after he and the party failed to win the chance to govern the province during the June election.
The Tories will announce the winner of the leadership contest next May.