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CBS and CNN indicated that Haley is expected to make the announcement at a press conference at 10:00 AM Eastern Time (15:00 GMT) in the city of Charleston, South Carolina.
Haley, 52 years old and whose parents are originally from India, has only achieved two victories in the Republican primaries held so far: in the District of Columbia, which includes Washington DC, and in Vermont, one of the 15 states where voting took place this Tuesday.
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In the Republican Super Tuesday primaries, Haley won only 43 of the Republican delegates, while Trump took 764.
Before the South Carolina primaries in February, Haley promised to stay in the race until Super Tuesday.
She said at the time that she would continue in the race for the nomination "until the last person votes, because I believe in a better United States and a brighter future for our children."
Haley, who was the United States ambassador to the United Nations during Trump's presidency, was the last of a dozen major candidates to drop out of a race in which the former president was the favorite from the start.
If Haley confirms her decision in Charleston in a few hours, barring any unforeseen circumstances, the two main candidates for the elections on November 5th will be the same as in the 2020 elections: Trump and the current president, Democrat Joe Biden.
Trump needs 1,215 delegates to secure the presidential nomination for the Republican Party.