Rick Perry to drop of out Republican presidential race, endorse Newt Gingrich

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GREER, SC – JANUARY 18: Republican presidential candidate, Texas Gov. Rick Perry holds up a jar of ‘Insanity Mustard’ at the Acme General Store during a ‘meet and greet’ on Trade St. January 18, 2012 in Greer, South Carolina. Voters in South Carolina will head to the polls on January 21 to vote in the primary election for the Republican presidential candidate. (Photo by Mark Wilson/Getty Images)

Texas governor Rick Perry, who entered the Republican presidential campaign with great fanfare in 2011, only to fizzle out after a series of debate gaffes, will end his presidential run today.

NBC News is confirming that Perry will drop out. The governor plans a press conference at 11:00 Eastern time. Leading Republicans had urged Perry to end his bid for the White House following fifth and sixth place finishes in Iowa and New Hampshire, respectively.

After Iowa, Perry had stated he would go back to Texas to consider his political future, but he decided to contest South Carolina, which holds its primary on Saturday. But the latest polling shows Perry stuck in the low single digits. A new Politico poll has him polling at just 3 percent in South Carolina — half the total for “undecided.”

Politico reports Perry will endorse former House speaker Newt Gingrich, who is currently rising in the polls, but still trailing the GOP front-runner, former Massachusetts Gov. Mitt Romney.