UPDATED POST: KTUU-TV in Anchorage now reports that Palin not only won't seek re-election, but will resign later this month. Lt. Gov. Sean Parnell (R) will replace her at the governor's picnic; he won't run for a full term in 2010.

ORIGINAL POST: Gov. Sarah Palin (R) has announced she will not run for re-election in 2010, CNN reports. She's scheduled to make an announcement shortly.

The decision frees Palin to travel in the Lower 48 as she considers a potential run for president in 2012. A re-election campaign could also have been tough on the former vice presidential nominee; her approval rating has dropped from stratospheric highs, and a number of candidates in both parties are said to be considering runs. Even if she won, the race would have been dominated by the specter of a presidential bid, giving her adversaries an opportunity to wound her politically. She's still fending off ethics complaints, many spurred by the "Troopergate" scandal.

Of course, a second term could have given the governor additional time to fill what many see as an experience gap between her and other potential candidates.