[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/01/04/art.chafee.gi.jpg caption="Chafee is making a run for governor."](CNN) - Lincoln Chafee Monday will formally announce his bid for Rhode Island governor Monday.
The former Republican senator-turned-independent will officially jump into the race at an event in Warwick, where he once served as mayor.
The 56 year old Chafee lost his U.S. senate seat in 2006 to Democrat Sheldon Whitehouse after a bitter Republican primary battle against Stephen Laffey. Chafee eventually left the GOP and is now an independent.
Two-term Rhode Island Governor Don Carcieri is prevented by term limits from seeking re-election this year.
"I believe that running as an independent will free me from the constraints that party politics impose on candidates," Chafee said when announcing his candidacy. "This freedom will allow me to bring in the best people from both major parties and people without political ties to solve our problems. The standard for govermment service in these trying times must be what you can do for our state, not who you know in politics."
(Updated at 1:15 p.m. with additional information)
CNN Deputy Political Director Paul Steinhauser contributed to this report
Follow Paul Steinhauser on Twitter: @psteinhausercnn