UPDATE: 5:20 PM

Indiana Congressman Mike Pence will not run for president in 2012.

In a letter to supporters he writes;

"In the choice between seeking national office and serving Indiana in some capacity, we choose Indiana. We will not seek the Republican nomination for president in 2012."

Pence has been laying the groundwork to seek Indiana's GOP gubernatorial nomination to succeed Republican Mitch Daniels, who is eyeing a White House run and working out details with his wife and family.

Indiana Republican Congressman Mike Pence will announce his decision tonight in media interviews including the Indianapolis Star.

The fact that he is announcing to a state newspaper is a clear sign that he is looking at a state race for governor and NOT a national race for president.

Pence, who gave up a GOP leadership post recently in advance of the coming campaign told FNC off camera two nights ago he was still "torn" over which race to run.

In recent weeks insiders have whispered in Indiana and Washington that Pence was leaning away from a White House bid.

The social conservative has visited Iowa and New Hampshire often in his fact finding efforts. Pence won last year's CPAC straw poll of would be White House hopefuls.

The current outgoing Indiana Republican Governor, Mitch Daniels, is also seriously eyeing a White House run and is in discussions with his family.

Many Hoosier State Republicans have urged Pence to run for governor, eliminating a competition between two Indiana Republicans for President.

Carl Cameron currently serves as Fox News Channel's (FNC) Washington-based chief political correspondent. He joined FNC in 1996 as a correspondent.