Paul Ryan is giving a big speech to officially rule out a late bid for the presidency

House Speaker Paul Ryan on Tuesday plans to officially rule out a potential late bid for the presidency.

"He's going to rule himself out and put this to rest once and for all," a Ryan aide told Business Insider.

Ryan's speech is scheduled for 3:15 p.m. ET in the lobby of the Republican National Committee office in Washington, DC.

Speculation surrounding Ryan's potential late-entry as a last-minute choice at the Republican convention in July has reached a fever pitch over the past month, as the likelihood of a contested convention has increased.

Ryan has repeatedly denied that he is seeking the nomination or would accept the nomination from a split convention.