Looks like Ben Higgins won't be taking a seat in the Colorado House of Representatives after all.

Following weeks of speculation that the former Bachelor star was running for office, the 28-year-old software consultant revealed that after "exploring the idea," he has decided to drop out of the House District 4 race.

EXCLUSIVE: 'Bachelorette' JoJo Fletcher Talks Ben Higgins, Why She Can't Stop Crying

"I regret that I must withdraw my candidacy," Higgins said in a statement obtained by ET on Friday. "Despite my best efforts to pursue this opportunity in good faith, I recently received information that has made such a pursuit unworkable. Due to unforeseen circumstances, I will not be able to move forward as a candidate."

"I find solace in knowing that our intentions and actions have been fair and sincere," the statement continued. "I entered into this endeavor wanting to bring positive change to my community, and it is with that same spirit that I will move forward, albeit on a different path."

Following the news, Dustin Olson, a member of Higgins' campaign team, released the following statement to ET:

"Ben and our team are incredibly disappointed. Ben had worked to develop a strong message and solutions to make a big difference to people in his community, including solutions for affordable housing, protecting the Taxpayer Bill of Rights, defending small businesses, and expanding personal liberty and freedom. Between support from our friends in the Republican Party, building a talented campaign team, and lining up financial support, we were ready to kick off the campaign with a huge announcement rally next week."

WATCH: Inside Ben Higgins and Lauren Bushnell's Life in Denver

Roger Hudson, Communications Director for the Ben Higgins campaign, also weighed in, telling ET, "Ben is sadly bowing out of the race gracefully."

"His plans for his time in office were to focus on education, specifically working towards funding for education," Hudson continued. "He was looking at the infrastructure of education in Colorado, not just physically but the human infrastructure of our children and being able to make sure that was taken care of here."

Rumors started swirling that Higgins was running back in June when he launched a "benhigginsforcolorado.com" website, calling for supporters. "Thank you for your support as Ben explores his opportunities to make a positive impact on his local community," the website's homepage, which is currently still active, reads.

"Whatever lies ahead, love, grace, and hope are ideals that guide my life. I will take them with me into my next adventure," Higgins said in a statement at the time. "Lauren [Bushnell] and I aren't sure yet what that will be, but in terms of representing House District 4, [Republican candidate] Willie Pinkston is an amazing person and any decision I make regarding entering the race will be based on what is best for Willie, his family and for Lauren and me."

ET has reached out to ABC for comment.

Higgins resides in Denver with his fiancée, Lauren Bushnell. The reality star popped the question to the 25-year-old flight attendant during the season 20 finale of The Bachelor, which aired in March. The two are currently gearing up for their newest reality series, Ben and Lauren: Happily Ever After, which is set to premiere in October on Freeform.

WATCH: Ben Higgins and Lauren Bushnell Celebrate Their Engagement With Family and Friends

Earlier this month, the adorable duo finally celebrated their engagement with a long overdue trip to Portland, Oregon. The reality stars spent the weekend dancing, indulging in sweet treats and taking selfies with their closest friends and family.

Hear more on their fun getaway in the video below.