Property Council of Victoria boss Sally Capp is the latest candidate in the race for Melbourne Lord Mayor, and she has promised to take no campaign donations from developers.

Ms Capp will stand as an independent, as other high-profile potential candidates consider vying for the coveted job vacated by Robert Doyle who quit amid sexual harassment allegations.

Mr Doyle has vigorously denied any wrongdoing.

Robert Doyle (centre) resigned from his position in February. ( ABC News )

Ms Capp said she had taken leave without pay from the Property Council to campaign.

"The Lord Mayor of Melbourne is a serious position and now, more than ever, is a time for leadership. That's what I can offer," she said.

"I will not be accepting campaign donations from property developers. I want to ensure that I can represent all Melburnians."

Ms Capp cited managing population growth and major infrastructure projects, and tackling homelessness as the key challenges facing the city.

When asked if she had been a member of the Labor or Liberal parties, Ms Capp said; "I don't believe I have been a member of either party, any party."

She then said she would double-check.

The ABC has been told Ms Capp was a member of the Kooyong and Hawthorn branches of the Liberal party in 2014 and 2015.

Jane Garrett, Sam Newman among possible candidates

Pollster Gary Morgan is the only other candidate officially running for the mayoralty.

Brunswick MP Jane Garrett is still considering whether to take a tilt at the job, which could trigger a by-election in her marginal seat of Brunswick, where the Greens are threatening to topple Labor.

Race for Melbourne's mayoralty Sally Capp, Property Council of Victoria head ( confirmed )

Sally Capp, Property Council of Victoria head ( ) Gary Morgan, pollster ( confirmed )

Gary Morgan, pollster ( ) Jane Garrett, Brunswick MP ( potential )

Jane Garrett, Brunswick MP ( ) Oscar Yildiz, Moreland councillor ( potential )

Oscar Yildiz, Moreland councillor ( ) Phil Cleary, former federal MP ( potential )

Phil Cleary, former federal MP ( ) Ken Ong, former Melbourne councillor ( potential )

Ken Ong, former Melbourne councillor ( ) Sam Newman, footballer and TV personality (potential)

The former Andrews Government minister is not contesting November's state election after a failed bid to move to a safe Upper House seat.

Premier Daniel Andrews said he believed Ms Garrett should serve a full parliamentary term.

"My expectation would be — and I dare say the people of Brunswick's expectation would be — that the member for Brunswick would be focused on them," he said.

Former federal independent MP Phil Cleary, former Melbourne councillor Ken Ong, Moreland councillor Oscar Yildiz and AFL Footy Show panellist Sam Newman have been named as other possible candidates.

Sam Newman (left) and Jane Garrett (right) have been named as possible candidates. ( ABC/AAP )

Acting Lord Mayor to bow out

Acting Lord Mayor Arron Wood has ruled out running in May's by-election because he wants to spend more time with his family.

"I've got a four-year-old and a nine-month-old … they're really at that age where I don't want to miss any of the milestones that are coming up," he told ABC Radio Melbourne.

Mr Wood said he did not view the role of Deputy Lord Mayor as a "second prize" and wanted to avoid the expense of triggering another by-election if he ran for Lord Mayor and won.

"There would have been more uncertainty and I've been all about trying to unify the council again and get on with business," he said.

Mr Doyle quit as Lord Mayor and chairman of Melbourne Health last month in the wake of an investigation into allegations he sexually harassed Melbourne city councillor Cathy Oke and former councillor Tessa Sullivan.

Mr Doyle was hospitalised after receiving a draft copy of the report by Dr Ian Freckleton, QC, the findings of which are yet to be made public.

The by-election for Melbourne's mayoralty will be held on May 12.