Rep. Steve King (R-Iowa) says he's in no rush on making a decision to run for Senate, even after fellow Rep. Tom Latham (R-Iowa) announced Wednesday that he wouldn't run for the seat.

"A potential Senate race remains an analytical decision first and then one that requires deep conviction. Such a decision includes, of course, my family and the best interests of Iowans and Americans. It is too big a decision to be rushed," King said in a statement released Wednesday evening.

The Tea Party favorite has been leaning towards a bid for the seat, spurred along by criticism from establishment Republicans including Karl Rove that he couldn't win statewide in the swing state. He recently said he was "more than 50 percent" likely to run for the seat held by retiring Sen. Tom Harkin (D-Iowa).

King would face a tough race against likely Rep. Bruce Braley (D-Iowa), Democrats' likely nominee — polls show Braley would start off with a commanding lead in the race.