Mitt Romney, who ran for President of the United States in 2012 but lost to President Obama, on Friday officially decided he will not run for president again.
Romney, 67, said he had decided it was "best to give other leaders in the party the opportunity to become our next nominee", the BBC reported.
His statement comes as a surprise, as several weeks ago he announced he was considering another bid.
The decision not to run frees up donors to support other Republican candidates.
Former Florida Governor Jeb Bush, New Jersey Governor Chris Christie and Senator Rand Paul are among those who are considering a White House bid.
On the Democratic side, the presumed front-runner is former Secretary of State Hillary Clinton, although she has not made any announcement about campaigning.
In a statement made during a phone call to donors and quoted by the BBC, Romney said he was "convinced that we could win the nomination", but added that "one of our next generation of Republican leaders… may well emerge as being better able to defeat the Democrat nominee."
He said it was a tough decision for him and his wife, Ann, "but we believe it is for the best of the party and the nation."
Romney’s son, Tagg, said in an interview following his father’s loss that no one wanted to be president less than Mitt Romney.
"He wanted to be president less than anyone I've met in my life. He had no desire… to run," Tagg Romney said. "If he could have found someone else to take his place… he would have been ecstatic to step aside."
Mitt Romney "is a very private person who loves his family deeply and wants to be with them. He loves his country, but he doesn't love the attention," his son said.
(Arutz Sheva’s North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Arutz Sheva articles, however, is Israeli time.)