Longtime Sen. Orrin Hatch announces his retirement, leaving a door open for Mitt Romney

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Orrin Hatch.

• Sen. Orrin Hatch announced he will retire in 2018.
• His departure could prompt former GOP presidential nominee Mitt Romney to run for his seat.

Utah Sen. Orrin Hatch announced that he will retire at the end of his term this year, ending long speculation of whether he would seek reelection after more than three decades in office.

Hatch made the announcement in a short video on Tuesday, saying "every good fighter knows when to hang up the gloves."

"I may be leaving the Senate, but the next chapter in my public service is just beginning," Hatch added. 

Hatch's announcement comes after President Donald Trump urged him to run again, which would have prevented former Republican presidential nominee Mitt Romney from potentially filling his seat.

Trump also appeared alongside Hatch at a Utah rally to push the Republican tax reform plan, where he called on the high-ranking Republican to keep serving in the Senate.

"You meet fighters and you meet people that you thought were fighters but they're not so good at fighting," Trump said. "He's a fighter. We hope you will continue to serve your state and your country in the Senate for a very long time to come."