[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/09/02/art.chiles.gi.jpg caption =" Bud Chiles is giving up his bid for governor."]
(CNN) - Bud Chiles is giving up his independent bid for Florida governor and will endorse the Democratic candidate in the race.
Wednesday Chiles' campaign put out a statement "Lawton "Bud" Chiles will hold a news conference tomorrow with Alex Sink, the Democratic nominee for governor, to announce the end of his independent gubernatorial bid and to endorse Sink."
The event is scheduled for 10am ET Thursday in Tallahassee.
Sink is Florida's chief financial officer. She'll now face off in a two way contest against Republican nominee Rick Scott. The millionaire businessman and former health care executive spent around $50 million to defeat Florida Attorney General and former Rep. Bill McCollum. The GOP primary campaign turned bitter this summer and in defeat, McCollum has refused to endorse Scott.
"By withdrawing from the race and supporting Alex Sink, Bud allows Floridians to be fully united behind Alex, the new and different leader we need to bring jobs to our state using her 26 years of business experience," said Florida Democratic Party Chair Karen Thurman, in a statement released Wednesday afternoon.
Chiles, the son of former Florida Gov. and Sen. Lawton Chiles, was polling in the low double digits in most recent surveys of the three-candidate Florida gubernatorial race, far behind Sink and Scott.
- CNN's Robert Yoon contributed to this report