According to Fox News, CNN, BNO News, and other outets.

Why is she limiting herself to one term? Many, including myself, believe it has something to do with her presidential aspirations. She’s likely taking the next three years off to raise money, read-up on policy stances, and build a national apparatus. Judging by her performance over the 2008 campaign, she has quite a bit to read-up on.

Another potential factor in her decision is that her re-election was no longer a guarantee. She still has a respectable amount of support in the state, but her approval rating has fallen quite a bit since the days when her favorables were famous.

Recent polls put Governor Palin’s in-state approval rating in the low or mid-50s, respectable but a far cry from one-time ratings near 90 percent. Some tie the drop to what they say is her newfound proclivity for “red meat” conservative issues over pragmatic Alaskan interests. Others cringe at the family melodramas that have become tabloid fodder. Either way, the loss of support for “Sarah-dise” – the nickname used for Palin’s smooth-running early tenure – includes some notable figures.

Anyway, the decision can turn out to be a big gamble. It can either help to build her support and provide time to become a more viable candidate, or it can lead her to drop out of the public spotlight and become that also-ran from the last election. Only time will tell.

One thing is sure: The timing of this announcement is odd. The Friday before the Fourth of July? Most Americans outside the political class won’t be paying attention. As I said over at Hot Air, Barack Obama could climb the Empire State Building with a Stratocaster and it would largely be buried this weekend

Via Hot Air.

MAJOR UPDATE: She’s not just going to be a one-term governor. She’s going to be a part-term governor. According to MSNBC, BNO, and other outlets, Palin has confirmed that she’s resigning within weeks.

Update X2: Alaskan television station KTUU is also reporting that she announced her resignation during the press conference. Supposedly she’ll be out by the end of July.