"I look forward to campaigning hard in this race, meeting Californians where they are, and listening to what they want from their next Senator. I hope to earn their votes and their trust," Schiff said in a statement announcing his run.
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Though she has filed 2024 reelection paperwork with the FEC, Feinstein, 89, has not yet announced whether she plans to seek a sixth full term next year and has faced criticism over her fitness for the job.
RELATED: Reps. Swalwell, Schiff respond after being kicked off House Intelligence Committee
Schiff is the latest Democrat to jump into the primary, joining fellow California Rep. Katie Porter, who announced her bid earlier this month. Multiple sources told CNN earlier this month that Rep. Barbara Lee told her colleagues in the Congressional Black Caucus during a closed-door meeting that she plans to run for the Senate as well.
California Lt. Gov Eleni Kounalakis, California Attorney General Rob Bonta and US Secretary of Health and Human Services Xavier Becerra, a former longtime member of Congress, are among other potential candidates.
CNN previously reported that Schiff had met with Feinstein, a mentor of his, in December to tell her that he was thinking about running, in what a source familiar with the meeting said was intended to show her due respect.
RELATED: SoCal Rep. Katie Porter kicks off US Senate bid in East Bay amid Feinstein drama
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Feinstein said Wednesday that she'll make a decision about whether to run "probably in a couple of months," and mentioned taking time after the death of her husband.
"Oh, I think it's fine. I think people should if they want to run, run. For me, I just need a little bit more time," she said.
CNN has reached out to Feinstein's office to request comment on Schiff's announcement.
Schiff is the former chairman of the House Intelligence Committee, though he was kicked off of the panel this week by House Speaker Kevin McCarthy, and a member of the House select committee that investigated the January 6, 2021, attack at the US Capitol.
Schiff also served as the lead House manager for former President Donald Trump's first Senate impeachment trial.