The former Fortune 500 CEO, who was once the head of Dollar General, has been considering a run for months.
"Over the past few months, I have heard from so many people who share my frustration with the politicians in Washington, D.C. We have unacceptably high unemployment, a crushing national debt, and a federal government that seems determined to make things worse. We deserve better," Perdue said in the statement.
"I am truly concerned about the direction of our country, and I don’t think we can solve our nation’s problems by electing another career politician looking for a promotion. That is why I am strongly considering a run for U.S. Senate. We formed this exploratory committee to help finalize my decision."
If Perdue runs he'll join Reps. Jack Kingston, Phil Gingrey and Paul Broun, who have already launched Senate campaigns.
Former Georgia Secretary of State Karen Handel is also expected to run now that Rep. Tom Price, a close ally, has ruled out a bid. Kelly Loeffler, the owner of the WNBA's Atlanta Dream, is also said to be mulling a bid.
Perdue likely has the ability to self-fund in the race. He also may benefit from his well-known cousin's political network. Sonny Perdue issued a statement giving high praise to his relative, with whom he owns the trading company Perdue Partners.
Some Republicans are worried the crowded GOP field could yield a flawed nominee, though a planned runoff between the top two vote-getters could help them avoid that fate.
Democrats have the opposite problem: No one has jumped in on their side yet.
Rep. John Barrow, a highly touted prospect, has decided not to run. While the party is hopeful businesswoman Michelle Nunn, the daughter of former Sen. Sam Nunn (D-Ga.), will get in, she hasn't run for office before and is unproven as a candidate.
The state likely represents Democrats' best opportunity to play offense in a year where they're defending many seats in Republican-leaning states.