Tim Walz, Peggy Flanagan eye bids for Minnesota U.S. Senate seat

• Walz and Flanagan, who won statewide campaigns together in 2018 and 2022, would likely enter the race with high name recognition and support.

What they're saying: Flanagan announced on Instagram that her "intention is to run for United States Senate and continue to serve the people of this state."

• A source familiar with Walz's thinking told Axios that while he hasn't made any decisions, the 2024 vice presidential candidate hasn't ruled out running for U.S. Senate.

Between the lines: Rising tensions between the two allies following Walz's vice presidential campaign, first reported by Axios, had already raised questions about whether they would run as a ticket again if Walz decided to seek a third term as governor.

• Smith's decision creates a path for one — or both — of them to instead run for U.S. Senate.

State of play: The open Senate seat, which Smith was appointed to in 2018 after U.S. Sen. Al Franken resigned, could attract crowded fields on both sides.

• A source close to DFL U.S. Rep Ilhan Omar confirmed to Axios that she's considering a run, while people close to U.S. Rep. Angie Craig said she's being urged to jump in.

• On the Republican side, 2024 U.S. Senate nominee Royce White and Adam Schwarze, a former congressional candidate and Navy Seal, are among the candidates expected to run.

The intrigue: If Walz did run for Senate, some candidates eyeing that race could pivot to a gubernatorial bid.

The big picture: Republicans haven't won statewide in Minnesota since 2006, and Smith and U.S. Sen. Amy Klobuchar (D-Minn.) have won their recent races by healthy margins.

• But an open seat could move the race into more competitive territory.

What's next: Flanagan said she'll make a formal announcement later this month.

• Walz, who also hasn't ruled out another run for governor, has said he'll wait until the legislative session ends in May to finalize his plans.