Could Richardson quit the race tonight?

Is there a chance Gov. Bill Richardson will drop out of the presidential race tonight if he’s slaughtered by voters in New Hampshire? Speculation is beginning to grow that it’s a possibility.

Still, most sources I’ve spoken with expect the governor to stay in the race until the Nevada Caucus on Jan. 19.

But there are definitely signs that the campaign is winding down. After last week’s brutal 2-percent showing in Iowa, Richardson laid off a number of staffers there. And, according to the Santa Fe New Mexican and Albuquerque Journal, his campaign quit running television advertisements in New Hampshire several days ago.

Steve Terrell, who is in New Hampshire for The New Mexican, noted that the governor, on Monday, was much more rested and relaxed than he was the day before the Iowa Caucus. He also cancelled several campaign events that had been planned for Sunday.

The bottom line: Richardson is just about out of cash. If he doesn’t surprise in New Hampshire today, and there’s no indication at this point that he will, he won’t be able to raise much more.

Journal reporter Michael Coleman, who is in New Hampshire, wrote today that he got the feeling from Richardson aides that the governor “might – just might – call it quits tonight if he finishes a distance fourth,” he wrote on his blog.

Richardson has said for a couple of weeks that he would stay in the race until at least Feb. 5 to see how he did in states like New Mexico and Arizona. In recent days, however, he’s been talking instead about Nevada. But it’s becoming increasingly clear that staying in longer isn’t going to increase his stature much.

Richardson spokesman Tom Reynolds said this to Coleman when asked what would happen if Richardson finishes fourth in New Hampshire:

“We are not dropping out… we’re going to finish third and go to Nevada,” he said.

To say it’s not likely that Richardson will finish third would be an understatement. What happens when he doesn’t? Stay tuned.