ANCHORAGE, Alaska -- Gov. Sarah Palin will resign her office in a few weeks, she said during a news conference at her Wasilla home Friday morning.

Lt. Gov. Sean Parnell will be inaugurated at the Governor's Picnic at Pionner Park in Fairbanks on Saturday, July 25, Palin said.

There was no immediate word as to why she will resign, though speculation has been rampant that the former vice presidential candidate is gearing up for a run at the 2012 Republican presidential nomination.

The stunning announcement by Palin opens the floodgates for the 2010 gubernatorial race. Speculation that Palin might not seek re-election had fueled further conjecture of who might run.