Newt Gingrich had been expected to drop out of the Republican presidential race on Tuesday, however he will officially pull out of the race on Wednesday, sources reveal, reports the Daily Mail.

President Barack Obama joked at the White House Correspondents’ Association Dinner Saturday saying that Newt would be his ‘likely opponent’ in November. ‘Newt, there’s still time man,’ the President said.

Gingrich’s exit from the race comes after Romney beat him in five primaries in New York, Pennsylvania, Connecticut, Rhode Island and Delaware. Gingrich’s hopes of beating Mitt Romney in Delaware fell short.

When Gingrich formally ends his campaign, Romney and Rep. Ron Paul, R-Texas, will be the only candidates left in the bid for the GOP nomination.

Rick Santorum, Romney’s major rival, dropped out of the race earlier this month. He has yet to Endorse Romney.