Sen. Chuck Hagel (R-Neb.) announced on Monday that he will not seek re-election. Hagel has filled that Senate seat for the past 12 years. He had toyed with the notion of running for president and some speculate that he could be considered for a vice president slot, depending on the Republican candidate.

Hagel's exit opens up Nebraska's Senate seat and there is significant speculation that USDA Secretary Mike Johanns, will through his hat in that ring. Johanns is a former Nebraska governor as a Republican.

Johanns already has a speech scheduled to take place in Omaha later this week. While that speech has been scheduled for some time, National Public Radio reports suggest that Johanns could use that venue to make an announcement. 

Another former Nebraska governor and former Sen. Bob Kerrey (a Democrat) also has shown interest in the Senate seat known, if Hagel not run for re-election. For now, Kerrey is the president of the New School University in New York City.

Source: National Public Radio