In attempting to make the jump from California governor to the White House, Mr Newsom would be emulating Ronald Reagan, who ran the state between 1967 and 1975.
Some Democrat strategists believe that someone from outside Washington, unconnected to the Biden administration, may have an advantage.
Fielding Mr Newsom, rather than Kamala Harris, as the nominee would be seen as a clean break.
Mr Newsom has governed the world’s fifth-largest economy since 2019 and won a recall vote last year in a landslide.
That was largely a referendum on his response to the pandemic, which had included mask and vaccine mandates.
If there were to be a race between Mr Newsom and Donald Trump in 2024, it would have an added personal complication – Mr Newsom’s first wife, the television personality Kimberly Guilfoyle, is now engaged to Donald Trump Jr.
Speaking at a conservative conference last month, Ms Guilfoyle said her ex-husband would not get to be president.
She said: “In California, they have vowed to get rid of gas-powered cars with no explanation of how they are going to fund and power alternatives.
“A bunch of winners over there, folks … he ain’t making it to the White House.”