In brief remarks to reporters in Chicago on Wednesday, the Carbondale Democrat refused to go into detail about her future plans.
She says she will make another announcement in a few months.
Simon says she informed Gov. Pat Quinn of her decision in December. Quinn has said he'll seek re-election.
Simon is a former law professor and prosecutor. A brief statement released before her news conference highlighted her legal background.
In that written statement, Simon also said she wants to serve the people of Illinois in a role where she can have "an even greater impact."
Simon was first elected lieutenant governor in 2010.
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