Rep. Ron Paul will reportedly announce the formation of a presidential exploratory committee Tuesday in Iowa, according to multiple news organizations.

Should the Texan ultimately enter the GOP field in 2012, it would be his third presidential bid. He ran as a Libertarian Party candidate in 1988 and was unsuccessful in seeking the GOP nomination in 2008. Both attempts were long shots: He won 0.5 percent of the total votes in 1988, and he failed to win any primaries or caucuses in 2008.

Paul was first elected to Congress by special election in early 1976, but he failed to win a full term later that year. He found success two years later, returning to the House in 1979, then lost his seat again when he made an unsuccessful run for the Senate in 1984. His next Congressional campaign wasn’t until 1997, when voters returned him to the House, and he has been elected to the seven succeeding Congresses.

Sen. Rand Paul (R-Ky.) has left open the possibility that he could jump into the presidential race, but only if his father takes a pass. Another of Ron Paul’s sons, Robert, told a Texas newspaper this month that he is considering running for the Senate.