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CNN is reporting former North Carolina Senator John Edwards is dropping out of the race for the Democratic presidential nomination.  This follows his third place finish in the Florida primary on Tuesday.

It is expected Edward will announce his intentions to withdrawl in a speech at 1 p.m. ET Wednesday in New Orleans, Louisiana.

Reacting to the expected announcement, Illinois Senator Barack Obama and Democratic presidential hopeful praised Edwards on Wednesday morning.

"At a time when our politics is too focused on who's up and who's down, he made a nation focus again on who matters -- the New Orleans child without a home, the West Virginia miner without a job, the families who live in that other America that is not seen or heard or talked about by our leaders in Washington," said Obama. 

Many believe Edwards' supporters are more likely to lean in Obama's favor.

In the Florida primary, Hillary Clinton was declared the winner by CNN with 50 percent of the vote at 69 percent of precincts reporting in. Obama follows in second place with 32 percent, trailed by Edwards with 15 percent. 

Arizona Senator John McCain won a significant victory in Florida. McCain won by a narrow margin over former Massachusetts Governor Mitt Romney. Previous Florida frontrunner, former New York Major Rudy Giuliani, came in a distant third and is also expected to withdraw from the presidential race as early as Wednesday.

Tuesday's primary in Florida is the final contest for Democrats and Republicans before the all important "Super Tuesday" contest on February 5, when nearly half the country - including Illinois - will vote for their chosen presidential candidates.