He has finally come out and quelled the rumors that he may eventually run for President in 2008.

A video report from the Associated Press:

Here’s the story from AOL News:

NEW YORK (AP) – Mayor Michael Bloomberg has squashed the notion of running for president this year, declaring that he will not seek the White House but might put his support behind another candidate who embraces bipartisan governing.

Apparently ending a dance of presidential speculation that began more than two years ago, the 66-year-old billionaire businessman said in an op-ed piece in Thursday’s New York Times that he will not launch his own bid but will work to “steer the national conversation away from partisanship and toward unity; away from ideology and toward common sense; away from sound bites and toward substance.”

Bloomberg aides and associates had been assembling the framework for an independent campaign, and if he had decided to run, a $1 billion operation would have been ready to go. Instead, Bloomberg hinted that he may lend his wealth and weight to someone else.

“If a candidate takes an independent, nonpartisan approach – and embraces practical solutions that challenge party orthodoxy – I’ll join others in helping that candidate win the White House,” he wrote.

A close Bloomberg associate told The Associated Press that the mayor had been wrestling with a decision until very recently, reaching a conclusion only in the last few days.

So basically it looks like he was indeed planning a possible run. However, has now decided he may simply support someone else. If I had to guess a short list, I’d bet he would consider backing McCain. Next on the list might be Hillary Clinton. However, McCain has been a champion of bipartisanship on a host of issues for years now, much to the chagrin of conservatives.