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Two well-known Connecticut Republicans appear poised to enter the U.S. Senate contest there and compete for the seat retiring independent Joe Lieberman has held for 24 years.

Former World Wrestling Entertainment CEO Linda McMahon spent $50 million of her own money last year in a bid for retiring Democrat Chris Dodd's seat. She lost by 12 points to Attorney General Richard Blumenthal in one of the most expensive races in the country that year. Now the Greenwich resident looks ready to take another shot at the Senate and is setting up a campaign operation behind the scenes. According to the Connecticut Post, McMahon asked Republican strategist Corry Bliss, who worked on campaigns in Virginia and Vermont, to direct her next effort. Bliss told the Greenwich Times that McMahon has not made up her mind. Speculation about her intentions, though, has been mounting for some time. McMahon would enter the race with high name recognition from her previous run and, given her personal wealth, strong financing.

Another prominent figure preparing to join the fray is former Rep. Christopher Shays, who served in the House for 20 years before being defeated by former investment banker Jim Himes in 2006. Shays now has his sights set on the upper chamber, according to Roll Call, which reported the former lawmaker is readying a campaign team.

The GOP field could become crowded. Hartford attorney Brian Hill has already officially announced his candidacy. Jason McCoy, the two-term mayor of Vernon, a Hartford suburb, announced an exploratory committee last month, and former Rep. Rob Simmons and former U.S. Comptroller General David Walker are also considering launching bids.

While the Republican race is beginning to take shape, the Democratic side is more defined. Two-term U.S. Rep Chris Murphy, former Secretary of State Susan Bysiewicz, state Rep. William Tong and lawyer Sylvester Salcedo have all declared their candidacies.

Whoever emerges as the Republican nominee will face challenging odds in the general election, especially given that 2012 is a presidential year. Connecticut’s delegation in both the House and Senate is all Democrats, except for the Lieberman, who became an independent in 2006 but caucuses with his old party. In the 2010 elections, Connecticut was one of the few states that maintained its blue streak as all five Democratic House members won re-election. However, Democrats almost lost the governorship. Dan Malloy beat Republican Tom Foley by only half a percentage point.