WATCH: Newt Gingrich Drops Out With Thank You Video to Supporters

It's officially over.

Republican presidential hopeful Newt Gingrich released a video to supporters Tuesday saying he would drop out of the race on Wednesday.

I'm going to give you an insider advance notice that on Wednesday I'll be officially suspending the campaign as part of a press event, the former House Speaker says directly to the camera in front of the bookshelf and American flag, a background he has used for other campaign videos.

He continued: I wanted you to know first because your support has been vital. We had nearly 180,000 people who donated to the campaign. We had thousands of more working as volunteers ... all coming together at the grassroots level to try to fight for a better American future.

Although Gingrich makes no mention of front-runner and presumed Republican nominee Mitt Romney, he says in the video that he and his wife, Callista, would continue to hit the road to meet with voters and make speeches.

The re-election of Barack Obama would be genuine disaster and all of us have an obligation to do what we can to defeat Barack Obama, he said.

The press conference to suspend his campaign is scheduled in Arlington, Virginia at 3 p.m. Wednesday.

Gingrich had said he would reassess his campaign last week after a devastating primary lost in Delaware, a state in which he had high hopes for after investing a lot of time and money. That Tuesday night, he gave supportive words to Romney, saying if he ends up being the nominee, I think every conservative in the country has to be committed to defeating Barack Obama. A source told CNN on Sunday that his bid would officially end on Wednesday.

The lead up to Gingrich's official exit, however, lasted much longer than this past week. For the past couple of months, Gingrich struggled to match the success he had at the South Carolina primary in January and fell far behind in delegates, polls and state contests. He struggled to maintain the same relevancy former candidate Rick Santorum had in the race, and print reporters embedded in is campaign already left by the end of March.

Top donor Sheldon Adelson, who has donated millions of dollars to pro-Gingrich super PAC Winning Our Future, said a month ago in an interview to the Jewish Journal that the Republican hopeful was at the end of his line.

The video was posted on Gingrich's YouTube channel and website, where he is still asking for donations. Thank you, but we still need your support read a banner on the site.

As of Wednesday, Mitt Romney and Rep. Ron Paul will be the only candidates left in the race. Paul has vowed to stay until the very end, but Romney's gaping lead in delegates and support by the GOP establishment make him the presumed nominee.