Rocco Rossi is dropping out the Toronto mayoral race.

Rossi is going to make the announcement at 9 p.m. Wednesday at his campaign headquarters, two sources confirmed to the Star on Wednesday night.

“Let’s just say it will be a smaller race,” one source said.

Rossi put out a statement Wednesday afternoon saying he was “disappointed” with a new Ipsos Reid poll showing him with only 4 per cent of decided voters, an all-time low since he launched his campaign in January. But he said other polls were expected to be released this week and he hoped to do better.

Wednesday evening, however, his campaign put out a news release asking reporters to go to his campaign office.

One source closed to the campaign confirmed Rossi is calling it quits.

The source who confirmed Rossi is pulling out said he likely will do so without endorsing another candidate.

Rossi told the Star’s editorial board on Wednesday morning that efforts to get him to drop out to help prevent Rob Ford from becoming mayor were futile because his polling showed 65 per cent of his support would move to Ford.