04/25/2011 06:35 pm ET | Updated Jun 25, 2011

Ron Paul Presidential Exploratory Committee Expected To Launch

Rep. Ron Paul (R-Texas) is expected to announce the launch of a presidential exploratory committee for the next election cycle on Tuesday, according to multiple reports.

According to National Journal, the conservative congressman will address the step toward a formal 2012 run in the key early primary state of Iowa.

The news comes in the wake of reports that Sen. Rand Paul (R-Ky.), the congressman's son, is mulling a presidential campaign. The Kentucky Republican has signaled that he will not run should his father launch a campaign; however, he said the odds are better than 50-50 that one Paul will be in it to win it in 2012.

The AP recently reported:

His father was in the crucial primary state of New Hampshire on Thursday. During a college campus stop, Ron Paul said he hasn't ruled out running for president again but isn't on the verge of making a decision.

Ron Paul said his focus right now is on the nation's economy and whether it worsens, signaling its course could influence his decision.

"If we get a reprieve and things just look great, I might not be as enthusiastic," the elder Paul told reporters after a speech at the University of New Hampshire in Durham, N.H. "But if it continues like right now, it makes it almost inevitable that somebody will have to start talking about what we need to do."

For the second consecutive year, the Texas congressman recently came out on top in the much-hyped straw poll at the annual Conservative Political Action Conference.