It seemed like he wanted to run for prez in 2012, but didn't think that there was a viable path to the nomination for someone in the House, and chose to run for governor, as a launching pad for president in a future election. By that logic, he might leave the governorship after one term to run for prez in 2016.
But he hasn't actually done anything yet, to indicate that he's laying the groundwork for 2016. Maybe he'll go for a second term for governor, and then run for president in 2020.
Considering his low margin in 2012 in a state Romney won by ten, he would probably have to get impressive reelection numbers in 2016 (or at least defeat a top-tier candidate like Bayh) to impress voters.
Otherwise, there wouldn't be enough that makes him stand out.
He faces reelection against one of the most popular governors in state history seeking the office again. I'd retire from governor in 2016 and endorse Evan Bayh for the office, while running for President in the same year.
Endorsing the Democrat is not going to be the way to get conservative votes.