Update -- Ted Cruz announced he is running for president via Twitter Sunday night. A formal speech is expected to come Monday.
Earlier -- Expect big news out of Senator Ted Cruz on Monday. He's expected to officially announce a run for president.
The news comes from a strategist for the first-term Republican senator, who spoke to the Associated Press and wanted to remain anonymous.
Cruz is scheduled to speak at Liberty University in Virginia. He would become the first Republican to announce a run for president in the 2016 election.
Cruz's plans were first reported by the Houston Chronicle.
According to the newspaper, Cruz would aim to raise between $40 million and $50 million over the course of the primary campaign.
More than a dozen high profile Republicans have expressed serious interest in a White House run.
We can expect to hear more on their plans in the coming weeks.