The former El Paso, Texas Congressman will make the announcement on Thursday morning, but he confirmed via text to CBS 17 sister station KTSM Wednesday afternoon that he is seeking the Democratic nomination.
The 46-year-old former three-term USA representative will make his announcement via video on social media on Thursday, a source said.
"This moment of peril produces, perhaps, the greatest moment of promise for this country", he said in the video which was posted on the El Paso Times website.
He was a heavy underdog when he challenged Cruz, a Republican, in mostly conservative Texas, but he quickly demonstrated an ability to draw capacity crowds and raise money from voters nationwide.
O'Rourke, who captured national attention in his ultimately unsuccessful bid to unseat U.S. Sen.
Beto O' Rourke has announced that he is running for president in 2020. Kamala Harris of California, Elizabeth Warren of Massachusetts, Bernie Sanders of Vermont and Corey Booker of New Jersey, among others.
"I'm just born to do this", O'Rourke told the magazine.
In 2018 speculation began that Mr O'Rourke may decide to run after his campaign for the US Senate proved his worth.
Returning coach Zinedine Zidane hints at big changes for Real Madrid
Former midfielder Zidane first left the club last May after leading Los Blancos to their third Champions League victory in a row. The former Argentina and Madrid player had been the "B" team's coach before taking over the main squad in October.