Former Sen. Jim Webb (D-Va.) will announce Tuesday that he’s dropping his long-shot bid for the Democratic presidential nomination, Fox News reported.

Webb is set to speak at the National Press Club in Washington at 1 p.m., where he’s expected to make the announcement.

Late Monday, Webb’s campaign sent out an email to supporters with the subject line: “Jim Webb to consider independent run." 

However, the Fox News report says Webb will not launch an independent bid on Tuesday but rather will take time off to mull his options.

Emails to Webb’s campaign have not been returned.

Webb is said to be frustrated by the huge amounts of money needed to run for president and has accused national Democrats of clearing the way for Hillary ClintonHillary Diane Rodham ClintonTrump mocks 'elites' at campaign rally Trump backs down in rare reversal Election Countdown: Family separation policy may haunt GOP in November | Why Republican candidates are bracing for surprises | House Dems rake in record May haul | 'Dumpster fire' ad goes viral MORE to be the party’s nominee.

Last month, he said in an interview that the Democratic National Committee is about as useful to the candidates as “sticking your hand in a wood chipper.”

After the first Democratic presidential debate, in which Webb spoke for 15 minutes compared to 30 for Clinton, he said the network had “rigged” the proceedings in favor of the former secretary of State.

"It was rigged in terms of who was going to get the time on the floor by the way that Anderson Cooper was selecting people to supposedly respond to something someone else said," Webb said. 
"It's very difficult to win a debate when you don't have the opportunity to speak the same amount of time on issues as the other two did."

Webb’s exit will have very little affect on the race, as he consistently polls in the 1 to 2 percent range.