Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellTrump looms over Senate's anti-Asian hate crimes battle Appointing a credible, non-partisan Jan. 6 commission should not be difficult Why President Biden is all-in in infrastructure MORE (R-Ky.) will face a primary challenger from the right in Matt Bevin, a local businessman and Tea Party candidate who plans to announce his run for Senate this week.

Bevin, who has been exploring the race since February, is reportedly already buying airtime and has met with multiple conservative groups about his run. He'll launch a 3-day, 8-stop tour of the state after he formally announces his campaign on Wednesday.

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Bevin is a partner at a Kentucky investment firm and the owner of Bevin Brothers Manufacturing, a Connecticut bell-making company founded 160 years ago. He previously worked as CEO of Integrity Asset Management, an investment management firm with offices in Kentucky.

His personal wealth would be an advantage running against McConnell, who has nearly $10 million cash on hand for the race.

McConnell has long been considered vulnerable to a primary challenge.

The Kentucky senator has worked, in recent years, to shore up support on his right flank and hired Jesse Benton, the former campaign manager for Sen. Rand PaulRandal (Rand) Howard PaulThe Hill's Morning Report - Presented by Tax March - CDC in limbo on J&J vax verdict; Rep. Brady retiring Anti-Asian hate crimes bill overcomes first Senate hurdle Fauci on Tucker Carlson vaccine comments: 'Typical crazy conspiracy theory' MORE (R-Ky.) with ties to the Tea Party in Kentucky, to his team.

Democrats believe McConnell to be vulnerable heading into 2014, citing polling that shows him unpopular in his state. 

They also got their preferred remaining candidate in Kentucky Secretary of State Alison Lundergan Grimes, after a handful of other Democrats passed on the race.