Former GOP presidential nominee Mitt Romney is running for the Senate in Utah.

Three people with direct knowledge of the plan tell the Associated Press Romney will formally launch his campaign in a video on Thursday. His first public appearance as a Senate candidate is scheduled for Friday in Utah. The people who provided the information asked for anonymity because they were not authorized to talk about Romney's plans in advance.

A source close to Romney who is familiar with the announcement said the video message will be released on social media at roughly 9 a.m. local time, 11 a.m. EDT.

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Romney, the source said, doesn't intend to tap his vast network of donors at this point because he wants a mostly retail-focused campaign. He will not, the source said, be seeking Republican dignitaries from Washington to help him in the campaign trail. His former senior-level campaign advisers are not, the source said, involved in this campaign's planning.

Romney, who is 70, is seeking to replace 83-year-old Republican Sen. Orrin Hatch, who is retiring after more than 40 years in the U.S. Senate.

The former Massachusetts governor moved to Utah after losing the 2012 presidential election. He is considered the overwhelming favorite to win the Senate contest.

In Utah, Romney is remembered for turning around the scandal-plagued 2002 Winter Olympics.

CBS News' Jenna Gibson contributed to this report.