According to the Georgia governor's office, Price submitted his resume to be considered for replacing Isakson, who announced in August that he is resigning from his post in December due to various health issues.
Isakson, 74, won a six-year term in 2016 and his term is due to end in 2022.
Price, a former six-term congressman, left the Trump administration in September 2017 after it was revealed that he had repeatedly chartered private planes for government travel.
In accordance with the state law, Republican Gov. Brian Kemp's office launched an online application process earlier this month to "ensure an open and transparent appointment process."
The governor encouraged "all Georgians who want to serve in the U.S. Senate to submit their name and qualifications."
"We will carefully vet the applicants and choose a person who best reflects our values, our state, and our vision for the future," Kemp said in a statement, without specifying a deadline for accepting applications.
Among those Price will be competing against for the seat is Rep. Doug Collins, R-Ga., according to a Collin's campaign spokesperson. He is one of Trump's key allies, who often defends him in the debate over impeachment as the ranking member of the House Judiciary Committee.
Price and Collins are among over 100 candidates who are, so far, jockeying for the seat.
When Isakson announced his retirement, Kemp said, "I will appoint Senator Isakson’s replacement at the appropriate time."
Isakson's formal resignation is on Dec. 31 and there will be no vacancy until that time. The temporary appointment will expire after a special election is held on Nov. 3, 2020, alongside Georgia's other Senate seat in 2020.
Isakson was the only Georgian ever to have been elected to the state House, state Senate, U.S. House and U.S. Senate. Additionally in 2016, he became the first Georgia Republican ever to be elected to a third term in the U.S. Senate.