WASHINGTON (CNN) -- Massachusetts Gov. Mitt Romney officially opened an exploratory committee Wednesday, as he considers a bid for the Republican presidential nomination.

"After talking to my family, I have decided to take this initial step of forming an exploratory committee in order to raise the resources and build the campaign organization required to pursue the highest office in our country," Romney said in a statement released by his newly created exploratory committee. "I look forward to continuing to talk with the American people to determine how best we can meet a new generation of challenges."

Romney officially leaves the governor's office Thursday after serving one term, and is considered a leading contender for the GOP presidential nomination. A statement posted on the governor's exploratory website, www.mittromney.com, emphasizes that he "has not made a decision on when he will officially and formally declare his candidacy."

By forming an exploratory committee with the Federal Election Commission, Romney is able to raise money for a potential run for president. The Massachusetts governor has been hiring top level talent for his campaign team and is expected to formalize his candidacy at a later date.