Hispanics account for two-thirds of Texas' population growth over the last decade and now make up 35 percent of its population.
A Democrat has not won statewide office in Texas since 1994, but Bush may want to see who else in the Republican Party is running before settling on a race.
Gov. Rick Perry and Lt. Gov. David Dewhurst are both eying re-election runs in 2014. Perry has held the governor's office since December 2000, and Dewhurst has been in his post for a decade.
That's sparked a logjam among GOP statewide officeholders, many of whom are anxious to move up.
Attorney General Greg Abbott has raised $14 million, presumably to run for governor. Land Commissioner Jerry Patterson and Agriculture Commissioner Todd Staples have already said they will challenge Dewhurst, while Comptroller Susan Combs and state Sen. Dan Patrick are also expected to run for lieutenant governor.
If Perry decides not to seek another term as governor, then Bush will likely want to run for attorney general. But if Abbott stays put, Bush is expected to run for land commissioner while Patterson campaigns for lieutenant governor.