After finishing dead last in the Iowa caucuses, Rep. Michele BachmannMichele Marie BachmannEvangelicals shouldn't be defending Trump in tiff over editorial Mellman: The 'lane theory' is the wrong lane to be in White House backs Stephen Miller amid white nationalist allegations MORE (Minn.) will suspend her presidential campaign, according to multiple media reports.

The GOP hopeful had initially insisted she would remain in the race, but early Wednesday her campaign canceled her scheduled events in South Carolina and announced a press conference in West Des Moines at 10 a.m. CST to "address results of the 2012 Iowa caucuses."

CNN reported that a "Republican source" confirmed Bachmann would drop out of the race.

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Bachmann had planned to skip campaigning for the New Hampshire primary vote and head straight to South Carolina for an event Wednesday evening, followed by campaign events scheduled all week.

Bachmann finished sixth in the Iowa caucus results on Tuesday with 5 percent of the vote, after pinning much of her campaign hopes on the state. She won the Ames, Iowa, straw poll in August and was at the top of some polls, but her campaign crashed with Texas Gov. Rick Perry's entry into the race.

Ironically, Perry also appears on the way out after finishing fifth in Iowa. He said Tuesday he would return to Texas and reassess his campaign. 

Mitt Romney won the Iowa caucuses, but by only eight votes over Rick Santorum.

This story was updated at 10:50 a.m.