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UPDATED: Ready for another Romney run?

Tagg Romney is not.

In an e mail to ABC News, Tagg Romney says he is not running for U.S. Senate.

"I have been humbled by the outreach I received this weekend encouraging me to become a candidate for the US Senate," but the timing just doesn't work, Romney said.

"I love my home state and admit it would be an honor to represent the citizens of our great Commonwealth," Romney said. "However, I am currently committed to my business and to spending as much time as I can with my wife and children. The timing is not right for me."

The Boston Herald reported Monday morning that the eldest son of Mitt and Ann Romney is considering a run in the special Senate election in Massachusetts now that former senator Scott Brown decided against a run last week.

But, two sources close to both Tagg and his father Mitt told ABC News earlier Monday it's not going to happen. One consideration for Tagg Romney may be that his father lost the Bay State in last year's presidential election by 23 points.

"I think Tagg would be a great candidate," a source close to both Romneys said. "He grew tremendously in the campaign, but with his company it's unlikely he can afford to walk away from it right now, sadly."

For his part, Romney signaled earlier that he was keeping his options open telling associates that he is "considering it and hope to reach a decision soon," according to source who had been in contact with him.

Tagg Romney, 42, started the venture capital firm Solamere Capital after his father's last unsuccessful campaign in 2008. In both campaigns he advised his father and worked hard to get his dad to the White House. During this run he had an even more critical role.

Tagg Romney and his wife Jen had twin sons via a surrogate in May, juggling newborns as well as a presidential campaign.

A Republican strategist with knowledge of state party discussions also told ABC News earlier Monday he seriously doubted the likelihood of any Romney candidacy in the upcoming Senate election.

Brown may have stunned his party last week when he decided not to run leaving them scrambling, but some of those same issues had to weigh on the younger Romney too. Any candidate who runs in the special election will have to run again in 2014. And to make the ballot, candidates must gather 10,000 certified signatures in less than four weeks.

So who will run on the Republican ticket? Another possible contender, former governor Bill Weld, also ruled out a run today, sending out a statement that said while he was "grateful for the kind expressions of support and encouragement which I have received, I will not be a candidate for United States Senator from Massachusetts in the special election this year." Former state senator Richard Tisei also ruled out a run over the weekend.

The Democratic primary field includes U.S. Representatives Edward Markey and Stephen Lynch. Two possible candidates for the Republicans are Mitt Romney's former Lieutenant Gov. Kerry Healey and former Navy SEAL Gabriel Gomez. Healey also served as a foreign policy adviser in Romney's presidential campaign.

ABC News' Michael Falcone, Elizabeth Hartfield and Emily Friedman contributed to this report.

This story has been updated since it was first posted.