Fox News is reporting that Texas Governor Rick Perry has dropped out of the race for president. Fox also reports that Perry has endorsed Gingrich.

The decision comes after Perry, who once led the field of GOP hopefuls, endured disappointing finishes in the leadoff Iowa and New Hampshire primaries. While he is polling only in single digits in South Carolina, his endorsement of Gingrich could give a serious boost to his campaign.

Perry was competing for social conservative supporters alongside Rick Santorum and Gingrich, though the latter two candidates were faring much better in the polls.

Perry is the second candidate this week to withdraw from the race. Former Utah Gov. Jon Huntsman earlier dropped out earlier this week.