ABC News' Michael Falcone reports:
Texas Rep. Ron Paul, who made waves as a favorite of the Republican grassroots during the 2008 election cycle, will announce the formation of a presidential exploratory committee in Des Moines, Iowa tomorrow, a source close to Paul confirmed to ABC News.
Paul, the Texas Republican with a libertarian bent still has a devoted online following that has stuck with him since his failed attempt at the GOP nomination three years ago.
Paul’s got some company on the libertarian front this time around -- the like-minded former New Mexico Gov. Gary Johnson announced last week that he was jumping into the presidential race.
Congressman Paul’s announcement is scheduled for Tuesday afternoon the Holiday Inn Airport in Des Moines.
He will also announce the support of three members of the Iowa Republican Party’s Central Committee at the event.
Paul has been traveling extensively in Iowa and other early nominating states recently. He is also scheduled to participate in the first GOP presidential primary debate on May 5 in South Carolina.
He’s also been busy fundraising. He took in $3 million during the first quarter of 2011 -- $1 million of that total came from his political action committee, LibertyPAC.
Paul will join former Minnesota Gov. Tim Pawlenty, former Massachusetts Gov. Mitt Romney, former Louisiana Gov. Buddy Roemer and former Godfather’s Pizza CEO Herman Cain in establishing an exploratory committee.
Another potential candidate, Mississippi Gov. Haley Barbour, announced on Monday he would not seek the GOP nomination.
Paul finished tied for fifth in the latest ABC News-Washington Post poll of potnetial Republican candidates. In the poll, out last week, Paul received 2 percent support form leaning Republicans -- the same as former House Speaker Newt Gingrich. Romney, Donald Trump, Mike Huckabee and Sarah Palin finished ahead of Paul and Gingrich.