The original rumor was that he was going to try to unseat Orrin Hatch in the Senate (which somebody desperately needs to do). But that has since been replaced with the idea that he would run for Governor.
I'm not sure which prospect I find more frightening.
Actually, that's not true. Our current Governor, while a solid Republican, is also a moderate and a pragmatist. He's stood up to the Right-wing hard-liners on more than one occasion. I think he's done a good job. The idea of him being replaced a Tea Party ideologue like Chaffetz is unpleasant at best.