Governor Sarah Palin (R-Alaska) will not seek re-election in 2010, and will resign within the next few weeks, she told reporters Friday during an off-camera news conference at her home in Wasilla, Alaska. Palin did not say why she's stepping down.

KTUU, the NBC affiliate in Anchorage, reports that Lt. Gov. Sean Parnell will be inaugurated as governor on July 26.

Palin was the 2008 Republican nominee for vice president. She was elected governor of Alaska in 2006. Her name has been mentioned as a possible candidate for president or vice president in 2012.

Palin, formerly Sarah Heath, is a graduate of the University of Idaho.