Source: Palin will not run for reelection

By Mark Preston and Peter Hamby
CNN
WASHINGTON (CNN) - Alaska Gov. Sarah Palin is expected to announce Friday that she will not seek a second term, a Republican source close to Palin told CNN.

Palin has scheduled a 3 p.m. ET news conference at her home in Wasilla. The governor's office offered no further details about the subject of the news conference, but the source told CNN that Palin will announce her decision to forgo another run.

As the 2008 Republican vice presidential nominee, Palin is considered a frontrunner for the GOP nomination in 2012. Her decision not to seek another term as governor is sure to stoke speculation that Palin is seriously eyeing a run for the White House.