Valley Congressman Bill Johnson will not be running for Rob Portman's U.S. Senate seat next year.

Johnson (R-Marietta) previously said he was considering the spot after Portman announced he would not run for another term once it ends in 2022.

Back in January, Johnson said that supporters had been asking him to consider "additional ways" to serve Ohio.

"I am seriously considering this opportunity, and over the next few weeks I will talk to my family, friends and supporters to determine if this is the right time and the right opportunity," Johnson said in January.

On Wednesday, Johnson confirmed he would ultimately not run for Senate but will run for re-election in the House. Johnson pointed to funding as the issue, saying that "there are many candidates declared who have significant money in the bank or can self-fund."

"I have a day job – serving the people of Ohio's 6th District – and I can't push that aside and spend all my time raising the money I would need for a Senate campaign," Johnson said in a written statement. "I think I'm the guy that can win and hold the open Senate seat, but the realities of fundraising make it a real challenge."

The Republican contenders in the Senate race include former Ohio Treasurer Josh Mandel, former Ohio Republican Party Chairman Jane Timken, Cleveland investment banker Mike Gibbons and Cleveland businessman Bernie Moreno.

Johnson did not specifically endorse a single candidate, saying he would support whoever the Republican candidate ends up being. 

"The bottom line is whoever is the Republican candidate, I'm going to be working hard for him or her because it's critical, in my view, that we keep this seat a Republican seat and regain the majority in the Senate," Johnson said. 

On the Democratic side, Congressman Tim Ryan is running for the open Senate seat. He's been serving nearly 20 years in Congress.