Rumors are abounding that McCain's VP selection will be Alaska Governor Sarah Palin. apparently the announcement will be today in Ohio, and Minnesota Governor Tim Pawlenty will not be in attendance, nor will former Mass. Governor Mitt Romney, both of whom were supposedly on the short list.
Palin, 44, was a TV reporter, is a former beauty queen and mother of five. She was elected Alaska's youngest (and first female) governor in 2006. Her oldest son Track joined the US Army last year and is expected to deploy to Iraq next year. Her youngest child, son Trig is four and suffers from Down's syndrome. Palin and her husband Todd also have three daughters, ranging in age from 17 to 7. Her positives are her youth, her gender, and she is seen as strongly pro-life, fiscally conservative and pro-energy in her public policy positions.
Obviously a play for Hillary supporters, but she also provides some good conservative credentials to the ticket as well.
Late edit: This was confirmed as I was writing the post, the link provided is to Fox's announcement.