Short on the details, but the Hotline blog states that he'll be filing his papers today and announcing his intention to run on his website.
"Sen. Barack Obama (D-IL) has decided to run for president and will file exploratory committee papers later today, Democratic sources said. At 10:00 am ET, Obama will post a video announcement on his website."
http://hotlineblog.nationaljournal.c...
This, while pretty much expected, means that there's at least 3 top tier candidates in the race now. It should be a fun primary season.