Sources familiar with his plans have told Reuters that David McCormick is planning to announce his candidacy for the U.S. Senate in the next two weeks.
McCormick will make his formal announcement in Pittsburgh before the end of the month, two sources say.
The former hedge fund CEO has been the target of both parties since his unsuccessful run for the Republican nomination in 2022. McCormick lost to Mehmet Oz by under 1,000 votes and the celebrity doctor was defeated by John Fetterman in November.
Pennsylvania Republican leaders have been courting McCormick, including sending an open letter to the 58-year-old veteran offering their reasons why he should run.
Pennsylvania Democrats have spent much of 2023 attacking the former member of the Trump administration in an attempt to weaken his potential challenge to three-time Democratic incumbent Bob Casey Jr.
For his part, McCormick has danced around a possible run. He has formed a political action committee, courted donors, written a book, and offered support for other Republican candidates. McCormick, who did not receive an endorsement from former President Donald Trump, still has an outstanding $14 million loan from his 2022 campaign.
McCormick spokesperson Elizabeth Gregory did not respond to requests for comment from Reuters.