"I really believe that politically it could be done," Northey told Radio Iowa late Tuesday afternoon. "I believe it could work for me and lots of other people."
Northey may be the GOP's best hope at contesting the open seat.
Democrats have rallied around Rep. Bruce Braley (D-Iowa), who has already raised more than $1 million for the race and has the endorsement of retiring Sen. Tom Harkin (D-Iowa).
Northey called the Senate run a "tremendous opportunity," though he said he "loves" his current job and would need to find someone to tend his farm if he does run.
"I certainly get the sense that there's support to be able to run," he said. "I think there's going to be no problem with anybody, at the end of this race, with name I.D., you know, after all the money that’s going to be spent on this."
Republicans need to win a net of six seats to retake control of the Senate. Democrats are largely on defense, with seven seats they're defending in states Mitt Romney won plus the open seat in swing-sate Iowa.