NEW YORK (

TheStreet

) -- Ron Paul is reportedly set to announce he's forming an exploratory committee to look into making a run for U.S. president in 2012.

According to the

Politico

, a source close to Paul has confirmed plans for the announcement. Paul teased the news a bit in the latest news on his

Web site

.

"I'll be in Des Moines, Iowa tomorrow to make an important announcement," the post reads.

Paul, who represents Texas' 14th District in the House of Representatives, adds his name to the field of potential Republican candidates, which includes names like

Mitt Romney

, and

Tim Pawlenty

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, a former governor of Minnesota.

Meantime, Mississippi Governor Haley Barbour, a Republican, took himself out of the race late Monday.

"I will not be a candidate for president next year," Barbour said in a

statement

on his Web site. "This has been a difficult, personal decision, and I am very grateful to my family for their total support of my going forward, had that been what I decided."

--

Written by Michael Baron in New York.

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Michael Baron

.

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Ron Paul is reportedly set to announce he's forming an exploratory committee to look into making a run for U.S. president in 2012.

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