Update: 12:42 Excerpts from the Associated Press:

”If I fight on in my campaign, all the way to the convention, I would forestall the launch of a national campaign and make it more likely that Senator Clinton or (Barack) Obama would win. And in this time of war, I simply cannot let my campaign, be a part of aiding a surrender to terror,” Romney planned to say in a speech to the Conservative Political Action Conference.

”This is not an easy decision for me. I hate to lose. My family, my friends and our supporters … many of you right here in this room … have given a great deal to get me where I have a shot at becoming president. If this were only about me, I would go on. But I entered this race because I love America, and because I love America, I feel I must now stand aside, for our party and for our country.”

Update: 12:35 Will announce at CPAC, will “suspend” campaign. (suspension means he would hold onto delegates). AP says he plans to say “If I fight on all the way to a convention… will make it more likely Senator Obama or Clinton will win… cannot be a part of aiding a surrender to terror… Not any easy decision, hate to loose…” NBC is running a special report.

Update: CNN claims 3 sources now saying Romney will either suspend or exit the race. Still unsure if the announcement will come at CPAC. Mark Halperin who put out the original report is on FOX News right now.

This just in from Mark Halperin, Mitt Romney is expected to leave the Republican race and could announce as early as today at his CPAC speech at 12:15PM.

Romney would face almost impossible odds if he decided to continue.