[normy]

I think she will say something to the effect of "I am really excited to see and hear what Perry has to offer. I knew him well from the time we were governors and he's a strong conservative candidate with a great record."

Not a full fledged endorsement, she'll let the field pare down first I think.

[smoothsailing]

I think she will say something to the effect of "I am really excited to see and hear what Perry has to offer. I knew him well from the time we were governors and he's a strong conservative candidate with a great record."

She's already said something along those lines back in June during her bus tour....

In fact, during the midst of her recent bus tour, Palin brought Perry’s name up again, unprompted, telling a group of reporters in Baltimore, “I think he would be a fine candidate. We have a lot in common.” She added: “I really like him.” SOURCE

...so I would expect her to ramp it up quite a bit with him actually in the race.