(WHTM) – Dave McCormick, the former hedge fund CEO who fell less than 1,000 votes short of winning the 2022 Republican nomination for the U.S. Senate, will soon announce a second campaign for the U.S. Senate, sources tell abc27’s Dennis Owens.

The announcement is expected to come in the next few weeks. The Hill has also reported an announcement “is expected in the near future.”

McCormick, who declined to comment on camera Wednesday morning, would be the first Republican to enter the race after State Senator and former gubernatorial nominee Doug Mastriano opted not to run. McCormick said he was “seriously considering” running after Mastriano decided not to get in the race.

Recently, McCormick has been promoting his book and appearing at events with Pennsylvania candidates, including State Treasurer Stacy Garrity.

During the 2022 campaign, McCormick was endorsed by several national Republicans including Senator Ted Cruz and former Secretary of State Mike Pompeo in the crowded primary, but failed to get the endorsement of former President Donald Trump.

Instead, Trump endorsed former television doctor Mehmet Oz, who lost the November general election to Democrat John Fetterman by more than 260,000 votes.

The 2022 race featured seven candidates on the ballot and several others who dropped out before ballots were printed. Kathy Barnette, who finished third, has already said she does not plan to run.

Questions that plagued Oz (who lived in New Jersey) and may surface for McCormick is his residency. According to the Associated Press, while McCormick owns a home in Pittsburgh, public records indicate McCormick “still lives on Connecticut’s “Gold Coast.”

“Dave has called Pennsylvania home for 30 years and served our country outside of Pennsylvania for an additional 13,” Elizabeth Gregory, a spokeswoman for McCormick, told the Associated Press. “It’s the place he mailed letters back to when he served in Iraq and the place where three of his daughters were born.”

Gregory added, “While he maintains a residence in Connecticut as his daughters finish high school, Dave’s home is in Pittsburgh and for the last 10 years he has owned a working farm in his hometown of Bloomsburg, which has been in the family for decades.”

Prior to running for U.S. Senate in 2022 and serving as CEO of Bridgewater Associates, McCormick was an officer in the Gulf War and served in President George W. Bush’s administration with the Treasury Department.

The winner of the 2024 Republican primary will likely face incumbent Democrat U.S. Senator Bob Casey, who is running for a fourth term. No Democrats have formally announced intentions to run against Casey.