As of the NHC's latest update, issued early Thursday morning, the agency said there was now a 50 percent chance of cyclone formation over the next seven days, and a low, 10 percent chance of formation in the next 48 hours.

A system of low pressure could develop near Florida or off the southeastern coast of the U.S. over the Fourth of July weekend, or early next week.

The National Hurricane Center says a tropical tropical or subtropical depression could form near Florida's Atlantic coast during July 4th weekend.