In their latest update, the National Hurricane Center clarified that Tropical Depression Five had developed in the Gulf. This system is currently located west of the Yucatan Peninsula, tracking northwest at ~13mph.
Portions of the east coast of Mexico remain a target for this system, however, the good news is that it is not expected to reach hurricane strength. This tropical cyclone is currently producing sustained winds of ~30mph. It is expected to make landfall late Tuesday night – early Wednesday morning as a tropical storm.