Former S.C. Treasurer Thomas Ravenel (R-Charleston) is mulling a primary challenge to U.S. Sen. Lindsey Graham (RINO-S.C.) in 2014, multiple sources familiar with his thinking tell FITS.

Not only that, Ravenel is considering pumping more than $5 million of his fortune into the effort – an investment which would immediately propel him into the top tier of challengers despite his checkered past.

The reality TV star – whose political career flamed out spectacularly in 2007 when he was busted for cocaine possession – reportedly discussed his future plans with Charleston, S.C. radio host Tara Servatius early Wednesday.

FITS is attempting to obtain an audio file of that interview …

Sources tell FITS Ravenel is also considering a third party challenge against Graham next November.

“Both options are on the table,” one of Ravenel’s advisors told us.

So far only one contender has emerged as a credible potential rival to Graham – Charleston, S.C. businesswoman Nancy Mace.

Two other challengers – S.C. Sen. Lee Bright (R-Spartanburg) and former U.S. congressional candidate Richard Cash – are viewed as too far to the right on social issues to mount credible statewide candidacies.

Mace has been working around the clock to line up support from limited government groups at the national level – groups which are eager to stroke checks against the uber-liberal Graham.