BREAKING: CNN has learned that @RandPaul has decided to suspend his campaign. The latest from @PrestonCNN. https://t.co/ksHz8qOWbO

— New Day (@NewDay) February 3, 2016

Rand Paul suspended his campaign this morning, per Politico and CNN.

Rand Paul, the libertarian-minded freshman senator who was once viewed as a formidable presidential contender, is suspending his White House bid on Wednesday, several sources close to Paul told CNN.

Paul discussed the matter with staff Wednesday morning and sent out a statement confirming the decision to drop out of the Republican presidential primary.

"It's been an incredible honor to run a principled campaign for the White House," Paul said in the statement. "Today, I will end where I began, ready and willing to fight for the cause of Liberty.

Paul, a Kentucky Republican, is expected to instead place his focus squarely on his Senate reelection bid, where he faces a wealthy Democrat, Lexington Mayor Jim Gray, who has the money to partially finance his campaign.