He has yet to make an official announcement.
Hutchinson's plans were revealed to Northwest Arkansas reporter Daren Bobb during a recent interview yet to air, according to KFSM (5News).
Hutchinson is also a former undersecretary of the US Department of Homeland Security.
He ran for governor in 2006, but lost to Democrat Mike Beebe.
Attorney General Dustin McDaniel is the only Democratic candidate who has announced a run for governor in the 2014 race.
Businessman and Republican Curtis Coleman announced this week that he's formed a committee to explore the possibility of running in the 2014 gubernatorial race and expects to make an announcement by this summer.