Graves said that the level of encouragement he received on entering the race indicates "we are at the beginning of a long journey in Georgia state politics," and he said he "look[s] forward to taking on a greater leadership role in our congressional delegation as many of our senior members enter the primary."
Rep. Paul Broun in early February was the first contender to make his bid official and will likely receive Tea Party support going into what's likely to be a competitive primary against other Georgia Republicans.
Rep. Tom Price has been ramping up his fundraising as he considers a bid, though he’s been tight-lipped about his interest. Rep. Jack Kingston has also been making moves toward a run, as has Rep. Phil Gingrey.
While Georgia leans Republican, especially in midterm elections, many Democrats believe they have an opportunity to pick up the seat, particularly if Broun wins the nomination.
Democrats' best chance at taking the seat likely lies in Rep. John Barrow, who has not ruled out a bid.
GOP Rep. Graves declines run for Georgia Sen. Chambliss' seat
"It has been an honor to receive so much support from Georgians and grassroots conservatives around the country, and I am confident that we would run a very competitive campaign. My decision rested on what would be best for my family, my district and the state of Georgia, and I have concluded that the right path for now is to forgo this Senate race and continue serving in my current role," he said in a statement.