On June 10, 2013, he announced his intention to seek the Democratic nomination for Governor of Massachusetts in the 2014 election. Following an injunction by the State Ethics Commission over his ownership of Cape Air, he announced the suspension of his campaign and his intent to appeal the ruling. Although the Commission eventually ruled in his favor, the nomination process was already well along, and he would eventually run for re-election to the Senate.
In 2015, Wolf confirmed that he would not seek a fourth term by running for re-election in 2016. He was succeeded by Julian Cyr (D-Truro). There remains speculation as to whether he will return to focusing on work as owner and pilot for his airline company, although he is considered a potential candidate for Governor in the future.
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