UPDATE

NORTH CHARLESTON, S.C. —

Texas Gov. Rick Perry on Thursday dropped out of the race for the Republican presidential nomination and endorsed Newt Gingrich, adding a fresh layer of unpredictability to the campaign two days before the South Carolina primary.

"Newt is not perfect, but who among us is?" Perry said.

He called the former House speaker a "conservative visionary" best suited to replace Barack Obama in the White House.

While the ultimate impact of Perry's decision is unclear, it reduced the number of conservative challengers to Mitt Romney.

The decision also reinforced the perception that Gingrich is the candidate on the move in the final hours of the South Carolina campaign and that the front-running Romney is struggling to hold onto his longtime lead.

Perry's exit marked the end of a campaign that began with soaring expectations, but quickly faded.

He shot to the head of the public opinion polls when he announced his candidacy last summer, but a string of poor debate performances soon led to a decline in support.

His defining moment came at one debate when he unaccountably could not recall the third of three federal agencies he has promised to abolish.

He joked about it afterward, but never recovered from the fumble.

The original story appears below.

 KRMG News has learned that Texas Governor Rick Perry will suspend his presidential bid today during a press conference scheduled for 10am central.

Politico is reporting that Perry will endorse rival Newt Gingrich as part of his departure.

KRMG News is following this story and will bring you updates as they become available.