Michele Bachmann has decided to cancel her South Carolina trip after a disappointing sixth place finish in the Iowa caucus, according to a report.

NBC News first reported that Bachmann was planning a 10 a.m. news conference to announce that she was canceling her trip through South Carolina ahead of that state's primary on Jan. 21.

The Minnesota congresswoman had planned to spend several days in South Carolina, but has seemingly decided to abandon that plan. The congresswoman had put significantly more importance on South Carolina than New Hampshire's upcoming primary on Jan. 10.

The decision to abandon her South Carolina trip could signal the end of a slumping presidential campaign.

Fox News commentator Sarah Palin said that future is likely bleak for Bachmann and that even if she decides to spend her own money to keep her campaign going, Palin didn't think it's going to do a whole lot of good.

Bachmann might not be the only candidate to drop out of the race after Iowa. Texas Gov. Rick Perry announced that he was headed back to Texas to reassess his struggling campaign. Although he hasn't officially announced his dropout, it's expected for Perry to drop out in the near future after his fifth place finish in Iowa.

Perry isn't expected to campaign heavily in either New Hampshire or South Carolina, which would essentially seal his fate.

Bachmann and Perry could both be on the way out of the Republican race after the Iowa caucus results, while Rick Santorum's campaign has been reinvigorated. Santorum lost by a mere eight votes to Romney in Iowa and will hope to translate that strong finish into a good showing in New Hampshire.