He left TVNZ at the end of last year.
He and his partner Tim Smith have bought a property in Kawaha Point, Rotorua, which they have been busy renovating since returning from a six-month European holiday.
"I've been passionate about politics all my life," he said.
"I've had a picture of the Beehive on my wall for quite a few years and it's always been a dream of mine to get there.
Mr Coffey said the time was right for him to follow his dream.
"Rotorua is our home now, my parents have lived here for many years and we love living here."
Nominations for candidates to represent the Labour Party in the Rotorua electorate closed yesterday.
If selected, Mr Coffey would replace former Labour Party cabinet minister and new Mayor of Rotorua Steve Chadwick as Rotorua's Labour candidate to contest November's general election.
Rotorua MP Todd McClay said he didn't focus on what the Labour Party were doing.
"I believe I have a good track record of working hard for local people and have delivered some important wins for Rotorua and the wider electorate over the last six years."