Toronto will not pursue a bid for the 2024 Summer Olympics, a source close to the bidding process has confirmed to CBC.

Mayor John Tory would have had to submit a letter of intent to the International Olympic Committee by Tuesday to preserve the city's chance to bid on the Games. Pursuing a formal bid, which would cost millions, would have needed the approval of city council.

Tory is set to formally make his announcement at a 9:30 a.m. ET news conference today at Nathan Phillips Square — the public area outside city hall that became the epicentre of celebrations during this summer's Pan Am and Parapan Am Games.

There was strong support for an Olympic bid at city hall right after those games, but that momentum dwindled in recent weeks, with the city of Mississauga voting against supporting a bid and multiple Toronto councillors criticizing the idea.

In recent weeks, Tory had met Ontario Premier Kathleen Wynne about the idea, as well as business, union and youth leaders in the city.

Toronto unsuccessfully bid for the 1996 and 2008 Summer Olympics and Tory had previously said he didn't want to lead a third failed attempt.

Los Angeles, Paris, Rome, Budapest and Hamburg all plan to bid for the Games.

The winner will be selected in 2017.