“I don’t think he’ll do it, and I think it would be very much a niche candidacy and niche candidacies don’t win nominations,” said Bob Shrum, who ran John Kerry’s come-from-behind candidacy against Dean in the 2004 nomination process. “I think he’s too smart and sensible.”

“I just don’t see an urge right now within the party to find someone else,” said Joe Trippi, who helmed Dean’s campaign that year. Dean, he added, is one of the few people who could spark such a candidacy.

Indeed, it’s not clear that there would be room for a serious alternative to Clinton – or whether Dean, who went on to become the Democratic National Committee chairman during the party’s out-of-power years and who is now a frequent presence on TV, will ultimately pull the trigger.

“The truth is I’m not ready to get into all of that yet,” Dean told POLITICO in a recent interview, insisting it is “too early” to talk about another campaign. “At this point I’m looking at supporting Hillary … so none of those questions can be answered.”