Coveney faces Dáil D-Day
Party strategists are desperately hoping Coveney, aged 33, will choose the former in order to boost Fine Gael's chances of winning two seats in Cork South Central constituency.
Coveney is Fine Gael's only TD in the five-seater constituency and has a formidable personal vote, which the party expects could win a second seat.
But he has found life in the European Parliament to his liking, and is reluctant to walk away from it.
However, the phasing out of the dual mandate means Coveney cannot remain an MEP if he is elected to the Dáil at the next election.
Coveney therefore had to decide where his future lay. He informed party leader Enda Kenny of his decision on Tuesday night, and will make known his decision this morning at a press conference in Cork's Imperial Hotel.
"Regardless of either decision I take, I'm going to ship criticism," Coveney acknowledged yesterday. "Obviously, I feel a responsibility to Fine Gael in the next election ... at the same time, I genuinely love what I'm doing in the European Parliament."
He had a "very safe" seat in Europe, he said, whereas running for the Dáil would be more "high-risk."
He added: "It would be very different if I were in my 50s - it might be my only chance of being in a Fine Gael government. But in 10 years' time, I'll still be on the right side of 45.
"But the other rationale is people saying: 'Don't forget how important it is for us to get into government next time.'"
Coveney said Mr Kenny was comfortable with his decision. "He understands my position and is supportive of it."
While not indicating what that decision was, he said were he not to run, Fine Gael would still have a "terrific team" in Cork South Central.
The party's other main hope in the constituency is Cork Lord Mayor Deirdre Clune, who will seek to regain the seat lost in 2002.
Yesterday, a senior party source said that, irrelevant of Coveney's decision, Fine Gael would likely run three candidates on the ticket.
If Coveney runs, he and Clune would be joined by local councillor Jerry Buttimer, who topped the poll in his ward in the 2004 local elections.
This is despite suggestions neither the Coveney nor Clune camps want Buttimer on the ticket, fearing he could split their vote.
But the source said: "The likelihood is we're going to run the three of them. Jerry Buttimer is a very powerful candidate." If Coveney does not run, the likely ticket would comprise Clune, Buttimer, and another local councillor, Tim Lombard.
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* Just returned from a five-day visit to the Kurdistan region of northern Iraq, and is now pushing for greater EU assistance for the area.
* Last year authored the European Parliament's Report on Human Rights in the World.
* Member of parliamentary Committee on Foreign Affairs, Committee on the Internal Market and Consumer Protection, and Committee on Fisheries.
* Also member of the Sub-committee on Human Rights and the Temporary Committee of Investigation into CIA Rendition in Europe.