This is an update from CBS timed 3:44 PM

[link] Sarah Palin has announced that she will resign as governor of Alaska and will not seek a second term.

CBS Affiliate KTVA reports that at a press conference this morning Palin said she will resign the governorship within a few weeks.

CBSNews.com producer Scott Conroy, who covered Palin's vice presidential campaign last year, confirmed through a source close to the governor said she is leaving office.

Earlier today, a holiday, Palin sent out an early morning press release indicating that she would be making an announcement from her home in Wasilla.

Joining Palin were her parents, family and state commissioners.

Palin said that power will be transferred to Lt. Governor Sean Parnell, who will be sworn in during the upcoming governor's picnic in Fairbanks.

She did not field questions, and would not give any indications about her future plans.

According to USA Today, she'll be stepping down on July 26th.

I'm betting scandal of some sort about to break. Announcing the resignation right before the holiday weekend so the news will get buried. Not sure what the scandal could be, though -- I mean, there was tons of stuff that came up during the campaign that didn't seem to faze her.

Yeah, I'm trying to imagine what would be enough that she wouldn't just try to muscle through it.

Maybe she just needs to devote more time to her 2012 campaign.

Maybe she just needs to devote more time to her 2012 campaign.

This is what Politico is suggesting.

Somehow, I doubt that Sarah Palin will quietly go away.

A really good scandal would be fun. Her affair with McCain. Her long term sexual relationship with Sally exposed. She gave Michael Jackson the fatal injection. Not to focus on 2012. I'm not ready for that.

Oooh... How about she's one of the women with whom Sanford "crossed the line" and there are steamy emails floating around?

Palin is about to be revealed as the second killer on "Harper's Island." She's been hiking the Appalachian Trail (that's what the kids are calling it) with John Wakefield for years ....

Or Trig really IS Bristols. That would just be fun.

This is what Politico is suggesting.

I don't really find that convincing. It's way too soon to resign to do that and not have some taint of "quitter" about it. For whatever else she is, I think Palin is pretty in tune with the wingnut base and I can't see that going over too well. And honestly, her job is just not that taxing that she would need to do that at this stage.

Hee! to Michael Jackson. Ewww to Sanford.

(Though I do think that infidelity - on her part, not Todd's - is probably one of the few things with the potential to really tarnish her to her base.)