Wisconsin Gov. Scott Walker is set to drop out of the 2016 presidential race, according to Republican sources.

Speaking on the condition of anonymity, three Republicans told The New York Times that the GOP governor plans to officially withdraw from the race. His campaign also told Latin Post that he will hold a news conference in Madison, Wisconsin at 6 p.m. EDT.

"The short answer is money," said a Walker supporter when asked about the governor's decision to exit the race. "He's made a decision not to limp into Iowa."

Although Walker started the race at the top of the polls earlier this year, his campaign has taken a drastic turn in the wake of the rise of unconventional candidates like Donald Trump and Carly Fiorina. He has also suffered from a number of missteps.

According to a recent CNN/ORC poll, Walker has gained support from less than one-half of one percent of GOP primary voters, reports NBC News.

Walker, who is the second Republican candidate to exit the presidential race following former Texas Gov. Rick Perry, also delivered a lackluster performance in the two GOP primary debates.

On the other hand, Fiorina emerged as the victor of the second Republican presidential debate last Wednesday. After giving a strong performance in the second televised GOP presidential debate, the former Hewlett-Packard CEO gained positive recognition and rising interest on social media.

According to a Morning Consult poll released Friday, 29 percent of viewers thought Fiorina was the winner of the debate, which was broadcast by CNN from Simi Valley, California.

Meanwhile, a Voter Gravity poll released Friday shows that Fiorina has taken lead in New Hampshire over the 16 other Republican candidates. With 22 percent support among GOP primary voters in the state, Fiorina has a 4-point edge over Trump, who gained 18 percent of support.