Despite rumors that John Tory may have been set to make a late entry into Toronto's mayoral race, the former leader of the provincial Conservatives has confirmed that he will definitely not be throwing his hat into the ring.

Tory's announcement, which came just before 10:00 p.m. this evening, follows comments from an unnamed source published in the Toronto Star indicating that his interest in the race had waned on account of pragmatic concerns related to his potential late entry. Not only are many of the advisers Tory might have been inclined to work with already affiliated with other candidates, but Rob Ford made it clear that he had no intention to drop out of the race if Tory joined.

So five it is... Now can we please see someone step up and show some real potential!

Update (August 6, 2010):

Below is Tory's full statement (via CNW)

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In recent weeks, a very significant number of people, most of them average citizens from all walks of life, but also among them community and business leaders, elected officials and commentators, urged me to reconsider this decision. I could not ignore their request and I do want to say how much I appreciate the interest they take in their city and its leadership, and the faith they have in me.

While I am sorry to disappoint them, I have decided that the decision I made in January of this year will stand and I will not be a candidate in the municipal election to be held in October of 2010. The reason is simple: I believe I can continue to make significant and hopefully lasting contributions to the future of Toronto through the many projects and organizations I have involved myself in outside of public life.

Since January I have devoted a great deal of time to the Toronto City Summit Alliance as volunteer Chair. I believe more strongly than ever in the ability of that organization to bring together talented and committed people from all corners of the community to tackle our collective challenges, reinvigorate Toronto and return it to a position where it can lead by example. My position at the Alliance gives me a significant opportunity to help build a strong and fair city region in which every single citizen is respected and has genuine access to opportunity. Similarly, serving as Co-Chair of Diversecity will permit me to continue my longstanding involvement with some of Toronto's visible minority communities.

I intend to continue to responsibly use my position as a broadcaster on Newstalk 1010 to encourage honest, intelligent debate on the real issues, at all levels of government and in other segments of Canadian society. I am disappointed in the fact that shallow slogans and posturing seem to be overshadowing a real, honest debate about many of the serious issues facing Toronto and I will be doing my part to try to change that in the weeks ahead.

I will also continue with my community work through my leadership positions with the Toronto International Film Festival Fundraising Campaign, the Yad Vashem Righteous Among Nations Dinner, the Writers Trust Annual Dinner, the City Film Project for young people at risk, Me to We Day for Free the Children, continuing active roles on behalf of St. Michael's Hospital and the United Way, as well as my continuing involvement in various business assignments including my recent appointment to the Board of Directors of Rogers Communications Inc.

I would like to thank the media for their patience and courtesy during these past few weeks when more often than not I had no comment to make.

In the months and years ahead, I intend to be as activist a citizen as anyone can be. I love Toronto. It has provided me and my family with opportunity and a wonderful place to raise our children and grandchildren. I take it as one of my principal responsibilities to help ensure that every resident, without exception, can look at Toronto in the same positive light.