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As expected, Toronto Centre MP Bob Rae has officially thrown his hat into the Liberal leadership ring.

Rae made the announcement Thursday, joining Etobicoke Lakeshore MP Michael Ignatieff as confirmed candidates. Beausejour, NB MP Dominic LeBlanc has announced that he intends to run.

Rae has been seen as a virtual certainty to vie for the leadership since the Liberals lost ground in the Oct. 14 election. He challenged for the party's top position in 2006 and both he and Ignatieff were considered frontrunners throughout much of the process, though the race eventually went to Stephane Dion.

The 60-year-old Rae's experience includes a stint as Ontario Premier from 1990 to 1995. The MP's critics have pointed to the province's financial struggles at that time, noting that Ontario's budget deficit ballooned from $700 million to roughly $9 billion early in his tenure.

Rae has time to build his platform and respond to those critics, as the Liberal leadership convention will not take place until April 30 of next year.