According to CNN, "Rick Perry is telling supporters that he will drop his bid Thursday for the Republican presidential nomination, two sources familiar with his plans told CNN. The Texas governor will make the announcement before the CNN debate in South Carolina, the sources said."
Funny, this comes after Red State's Eric Erickson, who initially endorsed him, said he should drop out, explaining, "If Rick Perry stays in the race, conservatives opposed to Mitt Romney will be legitimately able to blame Rick Perry for dragging down either Newt or Santorum." Perry, the sacrificial cowboy—and this totally proves his son Griffin wrong (Griffin Tweeted, "This begging Dad to drop out is a joke. It shows weakness as a leader. Talk about what you will do for the people and let them decide," yesterday).
Politico says Perry will endorse Newt Gingrich, "It gives the surging Gingrich a huge boost heading into the final debate tonight, and the South Carolina primary on Saturday, in which he's already closing in on Mitt Romney."
Update: There is a press conference scheduled for 11 a.m. (EST) in Charleston, South Carolina.
Update: Perry threw in the towel and threw his support to Newt, "Newt is not perfect, but who among us is? The fact is there is forgiveness for those who seek God. And I believe in the power of redemption, for it is a central tenet of my Christian faith. I have no question that Newt Gingrich has the heart of a conservative reformer, the ability to rally and captivate the conservative movement."