Former Gov. John Hickenlooper of Colorado is in discussions about ending his presidential bid and entering the race for his state’s Republican-held Senate seat, potentially giving Democrats a strong candidate in a race they must win to have hopes of retaking the chamber in 2021, according to four Democrats familiar with his thinking.

Mr. Hickenlooper, who is mired at the bottom of public polling of the presidential race, hopped into Senator Michael Bennet’s car on Friday night in this Northern Iowa town to discuss his impending decision, said Democrats familiar with the discussion, who, like others, spoke on the condition of anonymity to describe confidential talks.

The two drove around Clear Lake for about 20 minutes ahead of the Wing Ding dinner, a Democratic fund-raiser that drew 21 presidential candidates. Aides and advisers to the two men, who have been both allies and rivals over their careers in Colorado politics, declined to reveal what was discussed.

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