House Speaker Paul Ryan told Republicans that will not run for re-election, according to his senior adviser Brendan Buck.

“This morning Speaker Ryan shared with his colleagues that this will be his last year as a member of the House,” Buck said in a statement to reporters. He confirmed that Ryan would serve out his full term and retire in January.

“After nearly twenty years in the House, the speaker is proud of all that has been accomplished and is ready to devote more of his time to being a husband and a father,” Buck continued.

A press conference is scheduled for 10:00 a.m. Wednesday.

The news was first reported by Axios on Wednesday, citing sources close to Ryan who say the speaker is concerned about Republicans losing the House of Representatives in the November mid-terms and does not want to serve as minority leader.

House Majority Leader Kevin McCarthy may be considered as the next Congressman to lead Republicans or House Majority Whip Steve Scalise — both of whom enjoy a good relationship with President Donald Trump.

On Fox News, Scalise described the reports about Ryan as just “a lot of speculation” but confirmed that the Speaker would make an announcement later on Wednesday.

Ryan’s announcement comes after he has raised over $54 million from donors for the Republican 2018 midterm elections.