"Rahm and I agreed that the city's financial crisis puts Chicago at a tipping point," Jackson, D-Ill., told Politico. "The ramifications of this tipping point could tear at the social, political and economic fiber that holds our city together and makes it great.
"Both of us are very concerned about the upcoming November 2nd election and the subsequent municipal elections, and agreed that every possible contender should conduct their effort on the moral high ground because our city deserves a very serious debate about its economic future," Jackson told the online newspaper.
Emanuel's office did not immediately comment on the Wednesday night Washington meeting.
Emanuel and Jackson, son of activist and former U.S. presidential candidate Jesse Jackson, have been mulling Chicago mayoral runs, along with more than two dozen other potential contenders, including former U.S. Commerce Secretary William M. Daley, brother of incumbent Chicago Mayor Richard M. Daley.
Richard M. Daley, a Democrat, said Sept. 7 he would not seek a seventh term. The son of longtime Chicago Mayor Richard J. Daley has been in office since 1989.
Candidates have until Nov. 22 to file petitions to run. A non-partisan mayoral primary is set for Feb. 22.
If no candidate receives 50 percent of the vote that day, a runoff election would be held April 5. The new mayor is to take office May 16.
U.S. President Barack Obama told ABC's "Good Morning America" last week he thought Emanuel would make a "terrific" mayor. Obama added he expected Emanuel would make a decision after the Nov. 2 midterm elections.
Emanuel, a former Daley mayoral adviser, represented Chicago's north side from 2003 until 2009, when he resigned to work for Obama.
Notable deaths of 2014 [PHOTOS]