DENVER -- Colorado state Sen. Josh Penry plans to drop out of the Republican race for governor and throw his support to former Rep. Scott McInnis, according to the Washington Post and the Associated Press.

Post White House correspondent Chris Cillizza cited two unnamed sources "familiar with (Penry's) thinking."

"Penry's decision to opt out of the race is a stunner as many national Republicans had touted him as a potential rising star," Cillizza wrote in The Fix political blog. "Political chatter in the immediate aftermath of Penry's decision suggested he might be considering a run against 3rd district Rep. John Salazar (D) who won the Western Slope seat when McInnis retired in 2004."

Sources close to Penry said he began rethinking the campaign as more Republican money began lining up behind McInnis, a well-known statewide figure who served six terms in Congress.

Penry also worried that a fierce primary fight would hurt Republican chances of unseating Democratic Gov. Bill Ritter next fall.

"It was more important to Josh that the Republic Party win this seat than he be the guy who's running for it," former state Rep. Rob Witwer, a Penry supporter, told 7NEWS. "Josh wanted the Republic Party to have its strongest shot at that seat possible. And he concluded that it wasn't him. And that's a selfless decision."

One source told the Associated Press that besides fundraising, another issue was the amount of time it was taking Penry away from his family, that source said.

A second source said Penry met with McInnis on Monday and informed him of his decision to withdraw.

State Rep. Laura Bradford, R-Colbran, said Penry called her to tell her he was ending his run against McInnis. Penry called the Republican caucus in both houses to tell them of his decision, Colbran said.

Now, McInnis can avoid a bruising GOP primary fight and devote his resources to a head-to-head contest again Ritter.

The Penry campaign didn't immediately respond to calls for comment Monday afternoon. But a Penry announcment withdrawing for the race and endorcing McInnis was expected soon.

The McInnis camp issued a Monday afternoon statement praising Penry as a bright star in the Colorado Republican Party.

"Scott McInnis has a tremendous amount of respect for Josh Penry and his team," the McGinnis statement said. "Scott believes that Josh's future is bright and today is his day. We will have further comment in the near future."

Penry, the 33-year-old state Senate minority leader from Grand Junction, is expected to now take on Rep. John Salazar for the 3rd Congressional District, which spans Southern and Western Colorado.

"I think Josh Penry's got a lot more to offer -- hopefully sooner rather than later," Witwer said.

Another Republican -- state Rep. Scott Tipton -- has also indicted a desire to take on Salazar.

McInnis reported raising nearly $550,000 for his gubernatorial campaign in the latest quarter. Penry collected about $416,000 in the same period. McInnis also topped Democratic Gov. Bill Ritter, who reported collecting $452,000 in July, August and September.

Evergreen businessman Dan Maes, who is still in the Republican primary, said he raised about $12,000.

Penry was elected to the state House in 2004 and to the state Senate in 2006. Before that, he served on the staff of Rep. McInnis in Congress.

Read more on the WashingtonPost.com.