Texas Governor Rick Perry endorsed Mitt Romney today, ahead of Newt Gingrich dropping out of the race, which is expected to happen next week.

"Mitt Romney has earned the Republican Presidential nomination through hard-work, a strong organization, and disciplined message of restoring America after nearly four years of failed job-killing policies from President Obama and his administration," said Perry in a statement.

"So today I join the many conservative Republicans across the nation in endorsing Mitt Romney for President and pledge to him, my constituents and the Republican Party," Perry's statement said.

"I will continue to work hard to help defeat President Obama. American jobs, economic stability and national security depend on electing a new president. Mitt's vision and record of private sector success will put America back on the path of job creation, economic opportunity and limited government," he said.

Perry initially threw his backing behind Gingrich in January, after dropping out of the race just two days before the South Carolina primary.

A source close to the Gingrich campaign told ABC News the former speaker of the House will suspend his campaign at some point next week.