O'Regan is a television personality who was born in St. John's. He was a policy adviser and speech writer for Brian Tobin before becoming a host for CTV's Canada AM.
O'Regan is close friends with federal Liberal Leader Justin Trudeau.
Earlier Monday, St. John's real estate agent Jim Burton announced he won't be seeking the nomination.
He declared his intention in January, but now says his business and personal interests would restrict his work as a full-time MP, if he were to win the nomination and subsequent election.