Washington (CNN) -- Former New York Gov. George Pataki will not run for the Republican presidential nomination, a source close to him told CNN.
Pataki, who had been flirting with a White House bid for months, was scheduled to appear this weekend in the key early voting state of Iowa.
Speculation was that the former three-term governor would announce his candidacy Saturday at the Polk County Republican fundraiser.
But the source said that Pataki, who seriously considered running, has decided instead to forgo a run for the GOP nomination.
In a statement released Friday Pataki said, "I remain committed to the advancement of real, politically viable reforms to entitlements and rolling back the size and cost of the federal government. At this time, I will continue to do this as the leader of No American Debt and not as a candidate for president. Throughout the coming months I will remain active in this important discussion and support the candidate who offers the vision, the ideas and the leadership to bring an end to America's debt crisis."