The musician announced his support for a lesser-known candidate, Amara Enyia, who is director of the Austin Chamber of Commerce.
The two exchanged a big hug as he introduced her during a press conference announced just one day before.
"I would like to say, very narcissistically, if I back you, you have a chance, absolutely," Chance said. "I want to work with somebody that's about change...the one person, in my research, of this wide open race that's views align with me would obviously be candidate Amara Enyia."
Chance said too many people don't vote for who they think they should, but instead who they think could win.
"Chance and I, as evidenced by his work, and my work in the city of Chicago, have a shared vision for this city," Enyia said. "Today's announcement is just the beginning. This is not your typical flash of the pan endorsement. Today represents a commitment."
Chance set off rampant speculation that he might run himself after tweeting he has an event planned Tuesday at City Hall dealing with the race.
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Chance the Rapper has been openly critical about current mayor Rahm Emanuel. In 2017, some fans even created a website calling on Chance to run for mayor.
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Chance says he'll campaign with Enyia, but was coy about helping finance her race.
"I haven't yet, but we'll see. I got a lot of money, so," he said drawing laughter from those gathered at City Hall for the press conference, "It will be scary.
Enyia's campaign will need a financial boost. The quarterly report she filed earlier this week with the Illinois State Board of Elections listed $67.54 cash on hand.
So while her campaign is certainly a longshot, the publicity she got is certainly priceless and something any of the other candidates would love to have.
Ironically, Chance's father Ken Bennett is co-chairman of Toni Preckwinkle's campaign for mayor.
Preckinkle said Tuesday in a statement, "When I decided to run for Mayor, one of my first calls was to Ken Bennett. Having known him since my days in City Council, I've seen first-hand his commitment to our city, his dedication to those he believes can make a difference and his drive to build the coalitions that turn ideas into reality. I'm honored to have Ken as an advisor and chair of my campaign. Ken has served in the Harold Washington administration, helped elect Barack Obama as Senator and President, and served in the Obama White House. I'm grateful to be among those whom have benefited from Ken's incomparable experience and unfailing commitment. Ken is a dedicated and loving husband and father who has clearly passed on his love for his city and his value in public service and advocacy. I respect his son's commitment to our city, his eagerness to engage in the issues impacting our communities and his willingness to use his platform to express his opinion."
More than a dozen people have said they plan to run for mayor of Chicago. Mayor Rahm Emanuel announced last month that he does not plan to run for a third term.
The election is in February.