A senior Hillaryland source confirms to TPM Election Central that reports Hillary will drop out Friday* and endorse Obama are accurate.

Late Update: A classic line, via the NYT:

"We pledged to support her to the end," Representative Charles B. Rangel, a New York Democrat who has been a patron of Mrs. Clinton since she first ran for the Senate, said in an interview "Our problem is not being able to determine when the hell the end is."

*Later Update: Looks like the official event will actually be held Saturday.