Over at the Page, Time magazine's Mark Halperin reports -- in big, Drudge-esque font -- that Rudy Giuliani, who looks set for a big defeat in his key state of Florida, will drop out of the presidential race as early as Wednesday. Halperin further reports that Giuliani has struck a deal to endorse Arizona Sen. John McCain in the process. We're going to get on the phone and see what we can learn about this; if we have anything more, we'll let you know.

Update: Salon's Mike Madden has heard back from a McCain advisor, who said he couldn't confirm the report, but didn't rush to deny it, either. We both have inquiries in to the Giuliani campaign, but have yet to hear back.

Update II: NBC News and National Journal report that they've confirmed the story.