Presidential hopeful Mitt Romney has begun exploring options for running for President in 2016. Romney ran in 2008, but lost in the primaries to Senator John McCain, and was the GOP nominee in 2012, but lost to incumbent president Barack Obama.

The New York Times reports that Mr. Romney met with about thirty potential donors last week, signaling his interest in yet another presidential bid despite having said several times since his 2012 loss that he would not run again. His mind seems to have changed in light of recent attention given to former Florida governor Jeb Bush, who has also shown strong interest in a presidential run. Aides close to Mr. Romney have stated that the meeting might cause donors who would give to Mr. Bush to hold off until Mr. Romney makes a decision.

Mr. Romney’s potential run has sparked debate in the party, with some believing that the GOP should try a new candidate. But others think a 2016 run for Mr. Romney may prove successful; he has name recognition and money that other potential candidates do not have yet.

However, the candidates that have expressed interest in running on the Republican side are distinctly stronger than those in the 2012 field. Potential candidates such as New Jersey governor Chris Christy, Louisiana governor Bobby Jindal, Florida Senator Marco Rubio, and Kentucky Senator Rand Paul, along with Mr. Bush, all have the ability to raise a significant amount of money and have been featured on the national stage. Furthermore, most of them are younger than Mr. Romney, allowing the Republican Party to put a “fresh face” on their brand and perhaps win over some of the country’s younger voters.

All of these candidates will have to square off against the Democratic candidate, which could be an even bigger challenge depending on who the nominee is. Many signs are pointing to former Secretary of State Hilary Clinton, who was the most popular politician in the country (for both Democrats and Republicans) when she left office in 2013.

Regardless, Mr. Romney will have a challenge ahead of him, should he decide to run. But, perhaps the third time will be the charm.