The Hotline: "Mark Warner (D) plans to make a major announcement today about his 2008 presidential bid, three Virginia Democratic sources said. According to two Virginia Democrats who have been formally briefed, Warner is expected to say that he has decided not to run for president in 2008. Warner will speak to Virginia reporters at 11:00 am ET."
Update: Political Wire has confirmed with sources close to Warner that he will not run for president in 2008.
Update II: The Washington Post notes the decision "could position Warner to be a vice presidential pick for the eventual Democratic nominee. Or it could allow him to seek Virginia Republican John Warner's U.S. Senate seat if Warner retires in 2008."