"President Preckwinkle has been there for quite some time, and people are concerned about the sheriff's office being properly funded and the state's attorney's office being properly funded to help with public safety," Reilly said.
Reilly has represented downtown for nearly two decades.
He's previously explored bids for higher office, but has stayed in City Hall.
RELATED: Sen. Duckworth endorses Lt. Gov. Stratton for US Senate seat to replace Durbin
Preckwinkle is currently serving her fourth term.
She announced her reelection plans last month.
Reilly says he plans to make a final decision on entering the race in the coming weeks.