Hutchinson, who served three terms in the U.S. House of Representatives before joining the Bush administration, said he would begin establishing a campaign team and make a formal campaign announcement later in the year, the Arkansas Democrat-Gazette said Monday.
"A lifetime of experience has taught me that leadership makes a difference. I'm ready to lead Arkansas into the future with a positive, hopeful vision based on the conservative values we share," Hutchinson said.
His announcement follows one by Lt. Gov. Win Rockefeller, who said he also intends to run for the Republican gubernatorial nomination. GOP Gov. Mike Huckabee is term-limited.
Democrat Attorney General Mike Beebe is widely expected to run for governor next year although he hasn't announced his intentions.
Notable deaths of 2014 [PHOTOS]