RICHMOND, Va. -- Virginia Governor Ralph Northam will make a statement announcement Saturday afternoon in Richmond, according to the Governor's Office.
The statement is scheduled for 2:30 p.m. at the Executive Mansion.
Democrats, Republicans, and Virginia voters have called on Governor Northam to resign after Northam confirmed Friday he was in a racist college yearbook photo showing one person dressed in blackface and another in the KKK's signature white hood and robes.
On Saturday, however, Northam told a source he now believes it is not him in a racist yearbook photo and, despite mounting pressure to resign, that he will not do so, according a top Virginia Democratic source who spoke to the governor on Saturday.
Northam told the source he was in touch with some of his former Eastern Virginia Medical School colleagues, who said they believed many of the pictures in the yearbook were mixed up.
Northam did not recall the picture being taken, he told the source, and said he was not involved in the production of the yearbook.
The photograph appears in the 1984 yearbook for Eastern Virginia Medical School.
The photo was first reported by conservative website Big League Politics.
Northam confirmed he was in the medical school yearbook photo, and said in a statement that the costumes were "clearly racist and offensive."
"Earlier [Friday], a website published a photograph of me from my 1984 medical school yearbook in a costume that is clearly racist and offensive," Northam said. "I am deeply sorry for the decision I made to appear as I did in this photo and for the hurt that decision caused then and now.
"This behavior is not in keeping with who I am today and the values I have fought for throughout my career in the military, in medicine, and in public service. But I want to be clear, I understand how this decision shakes Virginians' faith in that commitment."
He added, "I recognize that it will take time and serious effort to heal the damage this conduct has caused. I am ready to do that important work. The first step is to offer my sincerest apology and to state my absolute commitment to living up to the expectations Virginians set for me when they elected me to be their Governor."
Later, in a video posted to his Twitter page, Northam indicated he does not plan to resign despite numerous calls for him to do so from both sides of the aisle. He said he intended to win back the trust of Virginians.
"I am committed to continuing that fight for the remainder of my term," he said.
Northam, a former pediatric neurosurgeon and Army doctor, won the governorship in 2017.
This is a developing story.
CNN Wire contributed to this report.