Perdue's campaign team released a statement early Wednesday, saying the race is "exceptionally close" but that they believe the incumbent Republican senator "will be victorious."

"As we've said repeatedly over the last several weeks and as recently as this evening, this is an exceptionally close election that will require time and transparency to be certain the results are fair and accurate and the voices of Georgians are heard," the Perdue campaign said. "We will mobilize every available resource and exhaust every legal recourse to ensure all legally cast ballots are properly counted. We believe in the end, Senator Perdue will be victorious."

The race between Perdue and his Democratic challenger, Ossoff, is too close to call as votes are still being tallied.

-ABC News' Quinn Scanlan

Ossoff’s campaign manager, Ellen Foster, released a statement early Wednesday saying that when all the votes are counted, their team "fully" expects Ossoff will win his Senate runoff against Perdue.

"The outstanding vote is squarely in parts of the state where Jon’s performance has been dominant," Foster said. "We look forward to seeing the process through in the coming hours and moving ahead so Jon can start fighting for all Georgians in the U.S. Senate."

If Democrats win both Senate seats in Georgia, each party will have 50 senators, and Vice President-elect Kamala Harris will be the tie-breaking vote for Democrats in the Senate.

-ABC News' Quinn Scanlan

Warnock, a prominent Black preacher who leads the storied Ebenezer Baptist Church, secured a barrier-breaking victory in Georgia on Tuesday night.

The native-born son, who delivers sermons from the pulpit that once belonged to the Rev. Dr. Martin Luther King Jr., will become the first Black senator from Georgia -- a feat that closes out an election cycle dominated by the role of race in politics.

He is only the second Black senator elected from the south since Reconstruction, and among a rare class of 10 Black Americans who have served in the upper chamber.

ABC News projected just before 2 a.m. that Warnock will topple Loeffler, a prominent Republican donor and staunch ally of President Trump who earned political office after being appointed by Gov. Brian Kemp to the seat.

In the remaining Georgia Senate race between Ossoff and Perdue, there is less than 1% separating the two candidates and so, the race is too close to project.

-ABC News' Kendall Karson

Up by roughly 35,000 votes statewide, Warnock declared victory in Georgia with a virtual speech to supporters in the early hours of Wednesday morning.

"The other day, because this is America, the 82-year-old hands that used to pick somebody else's cotton went to the polls and picked her youngest son to be a United States senator,” Warnock said.

ABC News has not made a projection on the race, but if Warnock wins, the native-born son, who delivers sermons from the pulpit that once belonged to the Rev. Dr. Martin Luther King Jr., will become the first Black senator from Georgia.

“So I come before you tonight as a man who knows that the improbable journey that led me to this place in the historic moment in America could only happen here,” Warnock continued. “May my story be an inspiration to some young person who is trying to grasp and grab hold of the American dream.”

Taking a page from President-elect Joe Biden's playbook, Warnock went on to say he'd be a senator for those who didn't vote for him as much as for those who did support him.

“To everyone out there struggling today, whether you voted for me or not, know this, I hear you, I see you. And every day I'm in the United States Senate, I will fight for you,” he said.

ABC News Chief Congressional Correspondent Mary Bruce stressed the significance of Tuesday's runoffs, not only because they will determine control of the Senate but because they leave President-elect Joe Biden's agenda hanging in the balance.

"It's not just how much he can get done but also the expediency with which he might be able to get things done," Bruce said, outlining big promises in Biden's agenda, from health care to climate change.

Biden has noted in recent days, while stumping for Democratic candidates, that if Democrats are able to win both seats, the $2,000 stimulus checks Democrats have been pushing for could happen immediately. Also, the approval of additional aid to state and local governments and resources to distribute the coronavirus vaccine in a more timely fashion could come quickly.

"Not to say that Joe Biden's agenda would hit a complete brick wall if Republicans continue to maintain control in the Senate because, of course, Joe Biden prides himself on having a great working and personal relationship with Republican leader Mitch McConnell, but it certainly would make Joe Biden's agenda and his political ambitions here much, much, much easier," Bruce said.

Bruce also noted how the expected efforts by Republicans to object to the certification of the Electoral College results on Wednesday could give the public a sense of the "uphill battle" Biden may face if the GOP does maintain control of the Senate.