Newt Gingrich will end his White House bid May 1 and formally back Mitt Romney for the Republican presidential nomination, sources tell CNN and Fox News Politics.

Fox News Politics first tweeted news of Gingrich's decision Wednesday morning. The former House Speaker said he expects Romney will be the GOP nominee during a stop in North Carolina, where he claimed he was campaigning as a "citizen."

Gingrich's campaign recently hit some bumps, with the candidate in so much financial trouble he has so far been unable to pay campaign vendors for their services.

According to CNN, Gingrich is likely to hold his final campaign event Tuesday in Washington, D.C., where he will make the announcement surrounded by his family and supporters.

Below, more on the history of Gingrich's campaign:

Nearing The End?
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Speaking the day before the Delaware primary, Gingrich hinted he was considering ending his presidential run:

"I think we need to take a deep look at what we are doing," Gingrich said in an interview with NBC News during a campaign stop in Delaware. "We will be in North Carolina tomorrow night and we will look and see what the results are."

According to NBC, the former House speaker said he would need to "reassess" based on the results of Tuesday's primary in Delaware, a state where Gingrich has spent a great deal of time campaigning in recent weeks. Gingrich indicated that the state's 17 delegates were crucial to his viability as a candidate.

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