"We're coming up to another week. Stay tuned," Inslee told CBS's Margaret Brennan on Face the Nation, adding that the decision could come "as soon as" this week.
"I've been pleased by what I've been hearing across the country," the second-term Democratic governor said. "That people do want a president that will act on a real emergency, which is climate change."
Inslee has long been critical of President Donald Trump, especially on issues of climate change. If he were to enter the race, Inslee would be the only governor in a growing field of democratic candidates so far.
The governor was in Washington, DC, this weekend to attend the National Governors Association Conference. The conference came just after 16 states filed a lawsuit challenging Trump's declaration of emergency on the Southern border.
Inslee said Washington state will also challenge the declaration, but they are not part of the lawsuit.
"The moment that the administration jeopardizes any federal expenditure in our state, we will file suit," Inslee said. "And we feel good about our chances to succeed. We have done so."
This would not be Inslee's first time challenging the Trump administration, Washington state filed the lawsuit which blocked the travel ban in December of 2017.
Inslee, a former member of Congress, called the National Emergency declaration "illegal and unconstitutional." He said states are currently dealing with "real emergencies" in the form of forest fires and other natural disasters.
He warned that if the decision was not reversed, either by the legislature or courts, it would create precedent in the future.
"In responding to the climate change emergency, we need to work together, executive and legislative branch. But if there are new rules, the Republicans have to understand that Democrats will play by whatever the rules are, particularly when it comes to climate change," Inslee said.
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