12 UPDATED: Perry to Endorse Newt Gingrich

BREAKING: CNN is reporting that sources say Texas Gov. Rick Perry will drop out of the GOP Presidential race today before tonight’s CNN GOP Presidential Debate in South Carolina. No reports yet on whether he will make an endorsement as he withdraws from the race:

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.

The South Carolina primary takes place Saturday.

Perry had poor showings in Iowa and New Hampshire, and had said he would launch a bid to win in South Carolina. . . .

UPDATE 9:42 AM ET: Fox News is reporting that Perry will endorse Newt Gingrich as he drops out of the race. Perry is scheduled to speak to the media at 11 AM ET in South Carolina.