Republican Wisconsin Senate candidate Eric Hovde walks at his election night party Tuesday, Nov. 5, 2024, in Madison, Wis. (AP Photo/Morry Gash)

According to a new report from the Milwaukee Journal Sentinel, Eric Hovde and Tim Michels are considering running for governor as Republicans in Wisconsin in 2026.

Hovde is a banking executive who owns a $7 million mansion in Laguna Beach, Calif. and works as the CEO of a Utah-based bank. Last year, Hovde ran an unsuccessful U.S. Senate campaign against incumbent U.S. Sen. Tammy Baldwin (D), who narrowly defeated Hovde after he suffered a series of campaign blunders. During his campaign, Hovde argued that “almost nobody in a nursing home is in a point to vote,” and he advocated for slashing all federal programs, which proved to be wildly unpopular after President Donald Trump tabbed Elon Musk for that very task.

Hovde did not concede to Baldwin until 12 days after the first projections showed him losing, and he continued to make baseless claims that Baldwin’s win was fraudulent.

Michels is the co-owner of his family’s energy and infrastructure construction firm. The businessman ran for governor in 2022 and was defeated by incumbent Gov. Tony Evers (D) by 3.3% (90,239 votes). During his campaign, the Trump-backed Michels campaigned on his opposition to same-sex marriage and contraception.

Evers has not publicly decided whether he will seek a third term next year, and he has indicated he will make that decision after a new budget for Wisconsin is passed this summer. In a recent poll from Marquette University Law School, 55% of registered voters said they do not want the 73-year-old to run again.

If Evers does not run, Wisconsin Attorney General Josh Kaul and former state party Chair Ben Wikler are potential candidates on the Democratic side.