The son of Rep. Congressman Ron Paul, is planning a run for Senate in Kentucky.
On Tuesday, Republican Sen. Jim Bunning announced he would not seek re-election in 2010.
Bunning had been fundraising for his re-election campaign for months. In a statement, he blamed his campaign's demise on GOP leaders who, he said, have done "everything in their power to dry up my fundraising."
Rand Paul indicated an interest in the seat in early May on MSNBC's "Rachel Maddow Show," announcing the formation of an exploratory committee.
He would run as a Republican, and he holds many of the Libertarian positions for which his father is known.
Paul has already raised over $160,000, according his exploratory committee's website. His main competitor, Kentucky Secretary of State Trey Grayson, has raised over $600,000 and is widely considered to be the frontrunner.