Trump revealed his decision Monday at a meeting of advertising executives who had come to learn about NBC's fall television lineup. The network had been pressing him for a decision, fearing the loss of millions of dollars in ad revenue if "Celebrity Apprentice" didn't return next year.
"I will not be running for president as much as I'd like to," Trump said to cheers from the audience.
His office also released a formal statement, in which Trump said he felt confident he could have won both the Republican nomination and a general election showdown with Obama.
"Ultimately, however, business is my greatest passion and I am not ready to leave the private sector," Trump said.
The Republican race lacks a clear front-runner.
Among the top hopefuls are former Massachusetts Gov. Mitt Romney, former House Speaker Newt Gingrich of Georgia and former Minnesota Gov. Tim Pawlenty. The GOP is still waiting to hear whether Indiana Gov. Mitch Daniels, 2008 vice presidential nominee Sarah Palin or Minnesota Rep. Michele Bachmann will get in the race. Mike Huckabee, the former Arkansas governor and 2008 presidential contender, announced Saturday he would not be a candidate this time.
While Trump's consideration of a run was dismissed as a stunt some Republican pundits and lawmakers, several polls showed him at or near the top of the field both nationally and in early voting states. John McLaughlin, a pollster who would have served as the campaign's senior strategist, said he met with Trump last Thursday to finalize plans for a May 25 announcement, three days after the "Celebrity Apprentice" finale."There was a path for him to win. If he got in and showed he was serious, his vote would have doubled and tripled again," McLaughlin said. "His message had resonance because he was the most anti-Obama candidate or potential candidate of the bunch."
However, not all the interest he stirred was positive: In a recent Associated Press-GfK poll, he was the only potential GOP candidate to receive a 50 percent unfavorable rating by Republicans.
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