Under federal election law, an exploratory committee allows an individual to travel and gauge the level of support for a candidacy without formally declaring themselves a candidate and adhering to all the federal rules of fundraising. An individual who spends money only to test the waters - but not to campaign for office - does not have to register as a candidate under the election law.
So it ain't in the bag yet, but we can hope. Hey! Maybe Condi could be his Vice President!