Indiana Governor Mitch Daniels says he isn’t planning on seeking the Republican nomination for the presidency in 2012, but the speculation from party insiders and news outlets continues.

Politico last week outlined the likely 2012 contenders, but concluded by saying many donors are waiting to see what Daniels–and Mississippi Governor Haley Barbour–decide before writing checks to any candidates.

Neither has a federal PAC, and both have gone to lengths to publicly explain why they would not run for president. But the two governors — both old Washington hands — have a lot of fans in the ranks of establishment Republicans. There is considerable money and support on the table until they decide.

The two are also close, leading some GOP insiders to think that if one runs, the other will stay out. But if either does get in, he will vie with Pawlenty to be the mainstream conservative alternative to Romney.

Absent federal PACs, success will be measured by whether Daniels can flip the Indiana state House to the GOP — his chief political focus this year — and by how many governorships Barbour can win in his capacity as chairman of the RGA.