The large surface low pressure system about 100 miles north of the Yucatan Peninsula is becoming better defined, according to the National Hurricane Center.
Surface pressures are still falling across the area and shower and thunderstorm activity has been steadily increasing over much of the central and eastern Gulf of Mexico on Friday.
Environmental conditions are expected to remain conducive for a tropical depression to form during the next day or so as this large disturbance drifts slowly northward.
This system has an 80 percent chance of becoming a tropical cyclone during the next 48 hours, according to the NHC.
Interests along the United States Gulf Coast should monitor the progress of the disturbance through the weekend.
Heavy rains and localized flooding are possible across the Yucatan Peninsula, western Cuba and southern Florida through Saturday.