Hutchinson revealed his plans in an interview with a television station in northwest Arkansas.
Hutchinson is currently working on a National Rifle Association study on school safety.
He's also a former undersecretary of the federal Department of Homeland Security and served as a U.S. attorney in Arkansas for three years.
He ran for governor in 2006, but lost to Democrat and current Governor 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.