Alexi Giannoulias has emerged as the odds-on favorite for Chicago's 2027 mayoral race at 82¢, surging from 44¢ as political momentum builds around his potential candidacy. He hasn't yet declared, but he has been raising $1 million a quarter in campaign funds, despite the fact that he has no competition for his current job as Illinois's secretary of state. If he gets in the race, he's the clear front-runner.

Sources this week told NBC Chicago's Mary Ann Ahern that prominent members of Chicago's labor, business and civic communities are actively recruiting Illinois Secretary of State Alexi Giannoulias to run for mayor in the 2027 election. The market's aggressive pricing reflects his unique position bridging progressive and business communities, plus proven statewide electoral success. With Mayor Brandon Johnson's approval ratings in the teens, traders are pricing in a competitive field where Giannoulias's name recognition and fundraising capacity provide decisive advantages.