Former Speaker Newt Gingrich (Ga.) is preparing to end his now-longshot bid for the presidency, according to multiple reports.

Senior campaign aides told Fox News that Gingrich will formally exit the race for the Republican nomination on Tuesday. Gingrich indicated he was on his way out while speaking with reporters in Cramerton, N.C., this morning, just hours after former Massachusetts Gov. Mitt Romney swept five primaries and was anointed the “presumptive nominee” by the Republican National Committee.

“I think you have to, at some point be honest with what’s happening in the real world, as opposed to what you’d like to have happened,” Gingrich said, according to CBS News.

Gingrich said he would continue to campaign in North Carolina ahead of the state’s May 8 primary, but that the campaign is “working out the details of our transition and we’ll have information for the press in the next couple of days.”