According to modernvertabrate.com several Republicans and Democrats are talking of plans to run.
President
History tells us that the person who will be elected president in 2008 is probably someone who is right now in the public eye, most likely holding a high political office like governor or senator. So here are a few of the most likely candidates:
Republicans
George Allen (R) - Virginia's Sen. Allen is rumored to be considering a 2008 run.
Jeb Bush (R) - With term limits looming, Jeb Bush won't be able to run for governor of Florida in 2006. Before the 2004 election, Jeb said he wasn't going to run for president in 2008. Translation: He's thinking about running for president in 2008.
Elizabeth Dole (R) - Currently the North Carolina senator, Dole ran for president in 2000 but didn't quite catch on. She's a senator now, might she have an eye on 2008?
Rudy Giuliani (R) - A moderate Republican and beloved former mayor of New York City, Guiliani might well be the next great candidate that unites America, ala Clinton and Reagan.
Charles Grassley (R) - Iowa senator
Chuck Hagel (R) - Moderate senator from Nebraska
Alan Keyes (R) - Do you really think he'll ever just go away?
John McCain (R) - The moderate senator from Arizona, has significant crossover appeal to independents and democrats. However, age might be a factor for McCain. He will be 72 in 2008, which, if he's elected, would make him the oldest person elected president.
George Pataki (R) - It's been reported in a few places that New York Gov. Pataki may have presidential ambitions.
Colin Powell (R) - With tremendous appeal to moderates, Secretary of State Powell might be convinced to run, although he has declined to run in 1996 and 2000. Powell would have trouble exciting the conservative wing of the party.
Condoleezza Rice (R) - Rice may run for senate in California 2006, especially if the popular Sen. Diane Feinstein (D) retires. If she doesn't run for senate, Rice might make an interesting candidate for president in 2008. There is already a Draft Rice movement underway.
Mit Romney (R) - Mass. Gov. Romney reportedly has presidential aspirations. Bush bashed Mass. so much in the 2004 and to such great effect -- you can bet one of the other Republicans will hurl some of those familiar lines at Romney. Romney, if he runs, is a longshot.
Rick Santorum (R) - The ultraconservative Pennsylvania senator may run for president in 2008; however, he must first survive his 2006 re-election to the senate.
Arnold Schwarzenegger (R) - Under the current rules, Arnold would not be allowed to hold the office of President because he was not born in the United States. But no one should let a petty thing like the Constitution get in their way. A group called www.OperationArnold.com is working to get Congress to change the highest law of the land, all for Arnold.
Democrats
Evan Bayh (D) - The popular senator from Indiana.
Joe Biden (D) - Maryland's Sen. Biden was flirting with the idea of running in the 2004 election, but opted out and became a cheerleader for Kerry.
Rod Blagojevich (D) - Even before he took office as Illinois' chief executive, G-Rod has been said to have presidential ambitions. But he'll have a tough re-election bid in 2006 to worry about first.
Wes Clark (D) - Clark was a top contender for the Democratic presidential nomination in 2004 but lost out to Kerry. He may resurface in 2008, although Clark may be better suited to run for Arkansas governor in 2006 against Republican Mike Huckabee.
Hillary Clinton (D) - Hillary is definitely on for 2008. In fact, I'm having this frightening vision that it will be Jeb Bush vs. Hillary Clinton in 2008. Aghhhhh!!!!
Howard Dean (D) - The former Vermont Gov. Dean is using his grassroots organization to stay in the political spotlight, perhaps in hopes of a 2008 run. Rumor has it that he has his sights set on the Democratic party chair.
John Edwards (D) - Sen. Edwards will be in it for 2008, although since he won't be a senator for the next four years, he has the difficult problem of staying in the spotlight.
Al Gore (D) - There is always the possibility that Gore will run again. There's a Draft Gore site already up.
John Kerry (D) - Win or lose, Kerry will be talked about as a contender in 2008. But if he loses, don't bet on him running -- that would royally piss off Hillary.
Blanche Lincoln (D) - Popular Ark. senator. She might actually be a good choice for the vice presidential nominee.
Barack Obama (D) - It has been said often enough by supporters and the media that Obama should run, but Obama is unlikely to run for president before his first term is over. He's young. Give him at least until 2012 or 2016 to rack up a host of big accomplishments first.
Nancy Pelosi (D) - House Minority Leader from California. There's no way she'd run if Hillary jumps in the race.
Tom Vilsack (D) - Iowa Gov. Vilsack's name was being kicked around as a running mate for John Kerry, but that didn't quite pan out. However, he's considered a likely 2008 presidential contender.
Mark Warner (D) - Virginia Gov. Warner is not eligible for re-election in 2005 and has to be weighing his political future. On the one hand, he could challenge Sen. George Allen (R) for the senate in 2006, or he could make an especially compelling case to Democratic voters for the 2008 nomination by potentially winning Virginia's 13 electoral votes. Keep an eye on Warner.
Others
Jesse Ventura (I) - The Associated Press reports that the Harvard visiting professor and former Gov. of Minnesota is considering a run for president. For Ventura, there are a couple of downsides to being president, however. 1) Ventura loves his freedom, and 2) his wife is not too keen on the idea of living in Washington D.C., the article reports.
U.S. Senate
Al Franken (D-Minn.) - Though the election isn't for four years, best-selling author and Air America radio host Al Franken says he's considering challenging Norm Coleman (R-Minn.) when the seat comes up for re-election in 2008. Franken, a friend of the late Sen. Paul Wellstone (D-Minn.), is reportedly being encouraged by friends to seek the seat.
For a look at this election cycle, visit 2004 elections.