Update 2:06 p.m. Thursday: Edwards's wife is disputing Bloomberg's characterization of her husband's words and says he is "on the cusp" of making a decision about running.

Former Louisiana governor Edwin Edwards (D), who served eight year in prison for racketeering, tells Bloomberg's Al Hunt that he will run for Congress in 2014.

"I'm just figuring out all the legalities and how to set up a super PAC, and then I'm going," Edwards told Hunt.

(Important side note: If Edwards were to set up his own super PAC, he could be in trouble with the law again. Candidates are forbidden from coordinating with such groups.)

The 86-year old, who recently starred in a reality show with his young wife, will be seeking the seat of Senate candidate Rep. Bill Cassidy (R-La.).

Edwards served 16 years in the state's top office, over three separate tenures. In his 1991 effort, he famously benefited from the slogan, "Vote For the Crook. It's Important."

Edwards was released from prison in January 2011. Polling suggests he continues to have a following in Louisiana.

Republicans should be favored to hold Cassidy's district, which went 66 percent for Mitt Romney in 2012.