The libertarian-leaning lawmaker won't be nominated from the floor, but he will be honored with a tribute video during the Republican National Convention. 

"Congressman Paul's people came to us and said we'd like to do a short tribute to him, and we said absolutely," Mitt Romney campaign strategist Russ Schriefer told reporters. He added that there is "a lot of mutual respect between the two of them."

The video will feature Paul colleagues discussing his "principles and his dedication to America."

NBC News first reported on the possibility of a tribute Thursday. Paul will also speak Sunday, and a three-day festival of supporters starts today.