Lake said while commenting The Family Leadership Summit, a conservative, Christian conference held in Iowa, that she will decide whether she will run for Sen. Kyrsten Sinema's (I-Ariz.) Senate seat in the next few months, potentially making a decision in the fall, NBC News reported. 

But she said she thinks she is the only candidate who could win the seat. 

"I've looked at the polling, to be honest, and I believe I'm the only one who can win that race," Lake said Friday. 

Lake has been a rumored candidate for the Senate seat for months following her loss to Gov. Katie Hobbs (D) in the governor's race last November. Lake launched a lawsuit contesting the results following the election that was thrown out and has refused to concede her loss to Hobbs. 

Her legal team was fined more than $120,000 on Friday after a federal court ruled that the lawsuit contesting the results in Maricopa County, the most populous in the state, was "frivolous."