Latham disclosed his intentions to leave the House of Representatives in an email to supporters, Washington publication Roll Call reported.
"I want to share with you my decision that I will not be a candidate for any office in November of 2014," Latham wrote.
Latham represents Iowa's 3rd District, which Democratic President Barack Obama carried by more than 4 percentage points in 2012, Roll Call noted.
Former Democratic state Sen. Staci Appel has already announced her intentions to run for Latham's seat. Roll Call said former Iowa GOP Chairman Matt Strawn, state Rep. Peter Cownie, West Des Moines Mayor Steve Gaer and state Sen. Jack Whitver are among potential Republican contenders.