Mitt Romney spoke on the carrier Midway during the RNC Winter Meeting in Coronado. Photo by Chris Stone

Former Massachusetts governor and La Jolla homeowner Mitt Romney is telling supporters Friday that he will not run for President in 2016.

National media outlets are reporting that Romney has definitively ruled out a third bid for the presidency.

Politco said the decision was prompted by potential opponent Jeb Bush’s early strength in fundraising and polling.

“After putting considerable thought into making another run for president, I’ve decided it is best to give other leaders in the party the opportunity to become our next nominee,” Romney was expected to say to supporters in a national conference call, according to the Associated Press.

Romney, a Republican, lost to President Obama in the last election.

Earlier this week, Romney was said to be considering the sale of his La Jolla home prepare for a presidential race.

At the Republican National Committee’s winter meeting in Coronado earlier this month, Romney said he was giving serious consideration to running.

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