It’s a story that has flown somewhat under the radar in recent weeks but could soon capture the Ocean State’s attention.

Seeking greener pastures, General Electric has been exploring alternative homes for its global headquarters after decades in Fairfield, Conn. A decision could come by year’s end.

Recent reporting from the Hartford Courant and the Boston Globe indicates the company is very seriously mulling a move, based on concerns over Connecticut’s taxes, business climate, and long-term financial outlook. Reports suggest Rhode Island remains a real player – along with Boston and New York City – to lure GE.

The multibillion-dollar company remaining in Connecticut is quite possible, of course – although the mood of many elected officials in our western neighbor seems to be increasingly pessimistic. And the prospect of competing against Boston and New York is a daunting one for Rhode Island, given the international reputations of those cities. Nonetheless, seeing GE set up shop on the shores of Narragansett Bay appears less far-fetched than many may initially believe.

While states nationwide have sought to court the corporate giant, the search has reportedly narrowed to locations in the Northeast out of a desire to maintain a continuity of lifestyle and not dramatically uproot employees and their families.

Rhode Island offers many of the same benefits as Connecticut – quick access to two world-class cities without the high costs and congestion, and with its own set of cultural amenities – and may ultimately be more competitive in terms of taxes and incentives than either of its metropolitan rivals.

Reporting has also indicated GE has a positive view of Gov. Gina Raimondo’s work on public pension reform, particularly in contrast to where Connecticut finds itself on that issue.

The governor, a former venture capitalist turned public official, armed with a range of economic development tools that were included in this year’s budget, would undoubtedly go all-in to lure an iconic brand to the Ocean State. GE would bring hundreds of high-paying jobs and a great deal of prestige.

Rhode Island likely remains an underdog as GE continues its search. But to be included in the discussion – and, apparently, taken quite seriously as an option – is a clear positive for our state, particularly in a regional context.

We’ll be keeping an eye on GE’s decision in the weeks ahead. Rhode Island, and Raimondo, may be getting an unexpected gift this holiday season.