Initial reports were that Sarah Palin was planning not to run for re-election, but in a surprise move today she announced she’s resigning as Governor of Alaska.

ANCHORAGE, Alaska — Gov. Sarah Palin will resign her office in a few weeks, she said during a news conference at her Wasilla home Friday morning.

Lt. Gov. Sean Parnell will be inaugurated at the Governor’s Picnic at Pionner Park in Fairbanks on Saturday, July 25, Palin said.

There was no immediate word as to why she will resign, though speculation has been rampant that the former vice presidential candidate is gearing up for a run at the 2012 Republican presidential nomination.

Palin made the announcement flanked by Parnell and most, if not all, of her cabinet.

Hmm. This is a pretty standard way to downplay something and keep it out of the news cycle as much as possible — release it late Friday on a long weekend.

UPDATE at 7/3/09 2:21:58 pm:

MSNBC video of Palin’s announcement:

FLV Video