Senate veteran Chris Dodd, 65, of Connecticut is set to make a ‘major announcement’ today, and is expected to announce his retirement, as a prominent state politician readies to be his replacement.

Sen. Dodd holds key leadership positions within the Senate, including the role of chairman at both the banking and health committees.

Dodd’s statement is set to take place at noon outside his home in East Haddam on Wednesday, the Washington Post reported. Sources familiar with his plans told the Post on Tuesday he was set to retire.

Meanwhile, Connecticut Attorney General Richard Blumenthal also set a press conference for this afternoon at 2:30 p.m. where he is expected to announce he will run for Dodd’s seat, according to the report.