Former U.S. Republican Alaska Governor Sarah Palin announces that she will resign this month and will not run for re-election as governor in Wasilla, Alaska July 3, 2009 in this video frame grab. (Xinhua/Reuters Photo)
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SAN FRANCISCO, July 3 (Xinhua) -- Sarah Palin, governor of the U.S. state of Alaska and also Republican vice presidential candidate for the 2008 elections, announced on Friday that she will resign from her post later this month and will not run for re-election as governor.

Palin made the announcement at a news conference at her home in Wasilla, Alaska.

"People who know me know that besides faith and family, nothing's more important to me than our beloved Alaska," said Palin.

"I am determined to take the right path for Alaska even though it is not the easiest path," she said.

Palin announced that she will relegate the power of governor to Lieutenant Governor Sean Parnell in order to serve Alaska's best interests.

The transfer of power will occur following the Governor's picnic in Fairbanks on July 26, according to a statement released by her office.

"At that point in time, Lieutenant Governor Sean Parnell will be sworn in and Lieutenant General Craig Campbell will assume his role as Lieutenant Governor," the statement said.

Born in 1964, Palin was elected governor of Alaska in November 2006, becoming the first woman and the youngest person to hold the state's top political job.

Palin was catapulted onto the U.S. national political arena after Republican presidential candidate John McCain chose her as the running mate in the 2008 presidential elections.

Speculations have been swirling recently that Palin would not seek re-election as Alaska governor in 2010 as she eyes a political career on the national stage.

Palin has long been rumored to be considering a run at the Republican presidential nomination in 2012, Alaska's local TV channel KTUU said in a report about her resignation.