Wisconsin Gov. Scott Walker will bow out of the race for the Republican presidential nomination Monday evening.

Walker, who has seen his poll numbers plummet over the last several months, has scheduled a news conference in Madison, Wis., at 6 p.m.

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Walker is the second candidate to drop out of the 2016 race, following former Texas Gov. Rick Perry, who suspended his campaign on Sept. 11. That leaves 15 candidates in the hunt for the GOP nomination.

One of Walker's major donors, Minnesota billionaire Stanley Hubbard, said Monday he heard the news and then called "one of Walker's key people inside the campaign and they confirmed it."

"It's too bad," said Hubbard, a broadcasting mogul who has already given $50,000 to Walker's Unintimidated PAC.

"He's a good man, a decent man," Hubbard added.

"Maybe he's smart to do it. If you're going to be in national politics you have to have TV star power.

"[But] Scott lacked that star power, apparently."

The New York Times was first to report that Walker will announce he plans to drop out of the race.

Once the front-runner for the nomination, Walker has suffered badly in recent polls over the past couple of months, falling to less than 1 percent in a CNN poll released Sunday.