Republican Charles D. Baker will announce a second campaign for Governor of Massachusetts this Wednesday, in a move political insiders believe is crucial for Republican hopes of recapturing the governor’s office, boston.com reports.

According to three top Massachusetts Republican leaders briefed on the decision, Baker will be active on social media and make himself available to the media at a later time as apart of his announcement.

Baker has yet to respond to calls seeking comment about his reported decision, according to boston.com.

Currently, next year’s race to replace incumbent Governor Deval L. Patrick already features five Democrats seeking their party’s nomination.

Prior to Baker’s pending announcement, the GOP suffered a major blow when former U.S. Senator Scott Brown announced in August that he would not run for governor.

After Brown’s announcement, he offered his endorsement of Baker.

Governor Patrick defeated Baker in the 2010 election, securing 48 percent of the vote to Baker’s 42 percent. State Treasurer Timothy P. Cahill–running as an Independent–received 8 percent of the vote.

After the 2010 election, Baker, 56, joined General Catalyst Partners, a venture capitalist firm in Cambridge, which has kept him out of the political spotlight. Baker became chairman of the firm’s board after helping secure an equity financing deal with Louisiana’s largest provider of psychiatric facilities for geriatric patients–Oceans Healthcare–worth a reported $17 million.