Mitt Romney, the former Massachusetts governor and 2012 Republican presidential nominee, is planning a Senate bid to replace retiring Sen. Orrin Hatch in 2018, according to three individuals close to the situation.

A Utah Republican with Romney ties and direct knowledge of the decision told THE WEEKLY STANDARD Romney’s “plan is definitely to run.”

“He really feels like there’s this moment where he has some work to do,” the individual said.

Another source close to Republican Utah politics told TWS Romney has informed multiple state officials in recent weeks of his plans to run for Hatch’s seat if Hatch were to retire.

Hatch announced his retirement Tuesday afternoon in a video posted by his office.

“Romney has made all the preparations but he may take a few days before making any kind of announcement out of deference to Hatch,” another Utah Republican close to the situation said. “All of the likely Republican challengers have completely demurred to Romney at the sheer idea of him running. It’s pretty clear there,” the individual added.

Boyd Matheson, a former chief of staff for Utah Republican Sen. Mike Lee who considered running for Hatch’s Senate seat in 2018 before choosing against it in November, expressed his support for a potential Romney Senate bid in a phone call with TWS on Tuesday evening.

“He brings something with both his business and government background,” Matheson said. “Mitt has figured out something people in DC haven’t, which is that Trump is completely transactional, not relational. Romney understands that as a business guy.”

Matt Viser of the Boston Globe reported Tuesday afternoon Romney has not made a final decision, citing a top adviser who said there was no immediate rush to make an announcement.