Cambridge city councilor Leland Cheung is planning to announce a bid for the state’s lieutenant governorship, advisers said Tuesday.

Cheung said he was “exploring the idea,” and planning to invest six figures in his campaign.

“I think I have an opportunity to help the Democratic Party ticket in November,” he said. “If I do it, I’m going to do whatever I have to do to help the Democratic Party ticket.”

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Cheung, a former venture capitalist and the first Asian-American elected to the Cambridge city council, would become the third candidate for the state’s second-ranking government position. Cheung worked for Cambridge-based Masthead Venture Partners from 2005 until 2008, he said.

He explored a career in “clean technology,” but became enamored of politics, he said.

The state’s most recent lieutenant governor, Timothy P. Murray, resigned in June, leaving the post vacant.

Stephen Kerrigan, a former Democratic National Committee official, and former United Way executive Michael Lake have previously announced their intentions to run.

Advisers to Cheung said they had spoken with top aides to Democratic candidates for governor about the possibility of teaming Cheung with their candidates.

“There is a need on the Democratic ticket for someone who is forward thinking with real-world experience who can help our party win in November,” Cheung said in a statement provided to the Globe. “I have talked it over with my wife Yin, and I will be making my decision in the next few weeks.”

Cheung has scored the highest vote total during the last two elections in Cambridge. He has degrees from Harvard’s John F. Kennedy School of Government and MIT’s Sloan School, and has served on the executive committee of the state Democratic Party.

Former Boston city councilor and mayoral candidate Michael Ross said he got to know Cheung while organizing joint council meetings between the two cities, and agreed with him on job growth and economic development policies.

“He and I see eye to eye in those areas. I think he’s a pro-business Democrat, a pro-business progressive,” Ross said.

A Cheung adviser said the councilor would likely formalize his bid by the end of the month.

According to his campaign website, Cheung “can be seen commuting around Cambridge on a homemade electric scooter.”