BOSTON -- State Treasurer Tim Cahill is dropping out of the Democratic Party with the intentions of running for governor.

NewsCenter 5's Janet Wu reported that Cahill will change his party affiliation to independent at Quincy City Hall on Wednesday.

Cahill, a life-long Democrat, said he will never again have a big "D" after his name. He said he is ready to admit the move could end his political career.

"I'm faced with those kind of decisions all the time," he said. "I'm not afraid of taking risks."

For over a year, he's publicly criticized Gov. Deval Patrick, accusing him of being fiscally reckless in raising taxes.

"If he's going to be a candidate, fine. Then we should talk about that during the course of the campaign. He should bring his A-game," Patrick said.

"Well, they should be careful what they wish for," Cahill said.

While Cahill has $3 million in his war chest, he can no longer depend on many previous donors. He's been on shaky ground with the party for a while. Last year, he was refused a seat at the Democratic National Convention because he wouldn't support either then-Sens. Barack Obama or Hillary Clinton. Cahill said that was a wakeup call.

Next year, he faces the real possibility of failing to get the support of 15 percent of the delegates at the state convention.

Privately, Patrick's team is grinning, claiming the more candidates in the race, the better. But Cahill insists he won't assist that strategy.

"I don't want to play the spoiler. And if I don't see any possible way I could successfully win, then I may choose not to run," he said.

Cahill's announcement comes just days before Republican Charlie Baker said he'll decide if he'll run for governor.