Hatch, 83, who first took his seat in 1977, had been debating whether to run again, and President Trump had publicly beseeched him not to retire.
"I was an amateur boxer in my youth, and I brought that fighting spirit with me to Washington. But every good fighter knows when to hang up the gloves. And for me, that time is soon approaching.
“I'm deeply grateful for the privilege you've given me to serve as your senator these last four decades,” he said in the statement. “I may be leaving the Senate, but the next chapter in my public service is just beginning," Hatch said.
Romney, a former governor of Massachussets and a vocal critic of the president, is widely reported to be considering running for Hatch’s seat. In a statement, Romney said Hatch had "represented the interests of Utah with distinction and honor."
"I join the people of Utah in thanking my friend, Senator Orrin Hatch for his more than forty years of service to our great state and nation. As Chairman of the Senate Finance and Judiciary Committees and as the longest-serving Republican Senator in U.S. history, Senator Hatch has represented the interests of Utah with distinction and honor.
"Ann and I wish Senator Orrin Hatch and his loving wife Elaine all the best in their future endeavors," Romney said.
President Trump responded to Hatch announcing his retirement after more than four decades in the Senate.
“Congratulations to Senator Orrin Hatch on an absolutely incredible career. He has been a tremendous supporter, and I will never forget the (beyond kind) statements he has made about me as President. He is my friend and he will be greatly missed in the U.S. Senate!" President Trump said.
White House Press Secretary Sarah Huckabee Sanders said at the daily press briefing on Tuesday that Trump was "very sad" to see Hatch leave.
“The president certainly has the greatest and deepest amount of respect for Senator Hatch and his over four decades of experience in the Senate,” Sanders said. “He is particularly thankful for the senator's leadership and massive effort that he played and the role that he played in getting the tax cut and reform package passed.”
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