Former senior cabinet minister and the man considered the prohibitive frontrunner for the Conservative leadership Peter MacKay ended speculation today and announced that he will not enter the race to succeed Stephen Harper.

In a release issued late Monday, MacKay says that he contemplated a return to public life over the summer but ultimately decided against it.

“In fairness to others declared, and those in consideration, I feel it is time to decide so as not to negatively impact others,” MacKay wrote.

“After much soul searching, advice from trusted friends, and weighing of the impact on my young family, I have decided not to seek the leadership of the Party.”

MacKay, 50, is currently a partner in the Toronto office of US-based Baker & McKenzie, the world’s third-largest law firm by revenue.

MacKay’s announcement came on the eve of a two-day Conservative caucus in Halifax at which speculation about his intentions would have been rampant, particularly since some potential contenders have been waiting for the former justice, defence and external affairs minister to show his hand.

Conservative MP Lisa Raitt is believed to be waiting for MacKay to make a decision before making her own announcement.

MacKay’s announcement said that he’s choosing not to run “at this time” for some of the reasons he stated when he chose not to seek re-election last year.

“My family is my number one priority. The love and support of my wife, Nazanin, has been unwavering and we are blessed with two, healthy, vibrant children; Kian, aged 3, and Valentia, 11 months, who need our full attention at this tender age.”

MacKay said it would be asking too much of his family to enter into “the heat of a leadership campaign with all that it entails.”

“Having run for federal leadership successfully back in 2003, I know the demands and time away from home that it requires.”

So far, there are five official candidates in the leadership race, including; Maxime Bernier, Michael Chong, Tony Clement, Kellie Leitch and Deepak Obhrai.