News is coming out fast surrounding former House Speaker New Gingrich’s inevitable decision to run for President in 2012. Following Herman Cain’s announcement, sources close to Gingrich including a spokesman say he will form an exploratory committee this Thursday.

Report from ABC News:

A spokesman for Newt Gingrich tells ABC News that the former Speaker of the House will announce this week whether he intends to form a presidential exploratory committee.

Assuming he decides to go forward — and sources close to Gingrich say he likley will — he will become the first major Republican figure to jump into the 2012 Presidential race.

Gingrich said he would make an announcement before the end of February or in early March, but his spokesman’s comments to ABC News provide the clearest timeline yet of his presidential decision-making process.

One can only assume this will incentivize other potential 2012 contenders to drop their hat in the ring as well. Romney will only go so long out of the media spotlight if he feels he’s missing media coverage.