Gov. Bill Richardson has decided to drop his presidential bid, the Associated Press is reporting.

Richardson plans to make a formal announcement on Thursday, the news service reported, but reached the decision today to immediately end his campaign after securing only 5 percent of the vote in Tuesday’s New Hampshire Primary and 2 percent in last week’s Iowa Caucus.

Richardson’s campaign was running out of money and losing supporters. Campaign volunteer Ken Camp told me earlier today he was staying on, flying to Nevada this weekend at his own expense to campaign for the governor, but that others “have jumped ship in the past 12-14 hours.”

Update, 5:55 p.m.

Richardson Deputy Campaign Manager Amanda Cooper told The Santa Fe New Mexican that the governor hasn’t dropped out.

“No he hasn’t,” she said and, when asked whether he planned to drop out, she said, “I haven’t had a discussion about it.”

I’ve been unable to reach Cooper and other Richardson campaign officials for comment.

Update, 6:15 p.m.

A source identified as “a Democratic strategist close to Richardson’s campaign” told CNN that the governor has decided to drop out.

“The numbers are the reason – not enough votes and not enough money,” a Democratic strategist close to Richardson’s campaign told CNN. However, “He enjoyed it and believes he made a contribution.”