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Gov. Bill Richardson is shelving his campaign for the Democratic presidential nomination after back-to-back fourth-place finishes in Iowa and New Hampshire.

Richardson, 60, was to announce his plans today, said two people close to the governor who have knowledge of the decision. They spoke late Wednesday on condition of anonymity in advance of the governor's remarks.

Richardson campaign officials declined to comment on the governor's decision, which was reached after meeting with his top advisers Wednesday in New Mexico. The governor was believed to have remained in New Mexico after Wednesday's meeting, but neither his campaign office nor the Governor's Office issued a public schedule for him today.

With the Legislature convening for a 30-day session beginning Tuesday, there was speculation the two-term governor might announce he was temporarily suspending his campaign rather than formally withdrawing from the race.

Richardson had one of the most wide-ranging r‚sum‚s of any candidate ever to run for the presidency, bringing experience from his time in Congress, in President Clinton's Cabinet and in the New Mexico Roundhouse, as well as his unique role as a freelance diplomat and a five-time nominee for the Nobel Peace Prize. As a Hispanic, he added to the unprecedented diversity in the Democratic field, which includes a black man and a woman.

But U.S. Sens. Hillary Clinton of New York and Barack Obama of Illinois have dominated the campaign spotlight, and Richardson was never able to become a top-tier contender, trailing well behind former U.S. Sen. John Edwards of North Carolina, as well.

Richardson fell below 5 percent in the New Hampshire primary Tuesday and finished with just 2 percent in the Iowa caucuses last Thursday.

Edwards congratulated Richardson, saying he had run a good race.

There was no immediate comment from the other campaigns.

"He was a very good candidate, a serious candidate," Edwards said Wednesday in Columbia, S.C. "I congratulate him. He ought to be proud of what he's done. What's happened is, over time the race is becoming more focused. I think that's good for democracy. I think this thing's going on for a long time.

"I assume the other two (leading candidates) are. I know I am. I'm in it for the long haul."

Richardson was easily elected to two terms as governor but will be forced from office by term limits in 2010. His closest advisers hope that even if his presidential campaign didn't bring him many votes, it built his reputation so he'll one day be able to add even more to his résumé.

Associated Press writer Scott Lindlaw in Columbia, S.C., contributed to this report.