UPDATE: Kyle will announce he is retiring.
Washington (CNN) – Sen. Jon Kyl, R-Arizona, the No. 2 Republican in the Senate, will announce shortly whether he will retire from his seat, a source close to Kyl tells CNN.
Kyl will hold a news conference in Phoenix at 12 p.m. EST to reveal his plans.
There has been widespread speculation about whether the three-term Republican senator would seek another term, and he said recently he would make his announcement this month.