Ron Paul to Announce Exploratory Committee

Possible 2012 presidential candidate, U.S. Rep. Ron Paul, R-Texas reaches out to greet students at the University of New Hampshire Thursday, March 24, 2011 in Durham, NH (AP Photo/Jim Cole)

After a visit to the Big Apple during which he chatted it up with the ladies of "The View" and traded barbs with Stephen Colbert on "The Colbert Report," Texas Republican representative Ron Paul is heading back to Iowa -- his third time this month -- but this time for a big announcement. A source close to Paul says he will announce his Presidential exploratory committee.

Perhaps even more interesting for close campaign watchers, he's expected to announce his Iowa leadership team, which may provide insight on the direction of his would-be campaign.Paul has been on a media blitz for his new book "Liberty Defined," which was published last week. He's also been ping-ponging between the important early voting states of Iowa and New Hampshire. He'll head to Nevada later this week.

Armed with a war chest of more than $1 million in congressional re-election campaign funds which could be transferred to a presidential campaign, the representative from Texas is well positioned to make a run at the White House.

But will he? Paul has said he'll make a definitive decision in the next few weeks.