Sen. Tim Scott, R-S.C., will announce the launch of an exploratory committee for a 2024 presidential bid Wednesday, a source familiar with the matter confirmed.

Scott, who has been teasing a White House bid for months, is expected to make the announcement in Iowa, the source said.

The Post and Courier newspaper of Charleston, South Carolina, first reported his exploratory committee plans.

If he were to officially throw his hat in the ring, Scott would be the second GOP candidate from South Carolina in the 2024 race. Former South Carolina Gov. Nikki Haley announced her candidacy in February.

Scott, 57, has been making stops across the country on his “Faith in America” tour, fueling speculation that he could become the next candidate to formally challenge former President Donald Trump for the GOP nomination.

A source familiar with Scott’s plans said last month that he was inching closer to a decision.

Source: | This article originally belongs to Nbcnews.com

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