Kentucky Secretary of State Tray Greyson has announced that he has formed a committee to explore a possible run for the U.S. Senate next year. Such a move allows candidates to raise money and enlist support for a potential election bid.The Senate seat is currently held by Grayson's political mentor, Republican Jim Bunning.Grayson has said he won't officially declare as a candidate in the GOP primary unless Bunning decides not to seek re-election.Bunning continues to say he's still running for another term, but pundits in Washington say Grayson's move is a signal that the 77 year old Bunning intends to retire.The Capitol Hill publication Roll Call reports that Bunning will announce his retirement plans at a Lincoln Day dinner in Louisville May 9th.Bunning has raised relatively little money for race that he acknowldges will require at least $7 million to be competitive.More details fromNPR political junkie Ken Rudin