Image: Rudy Giuliani
Patrick Andrade  /  Reuters
Former New York City mayor Rudy Giuliani speaks during a demonstration against Iran's President Mahmoud Ahmadinejad's appearance at the United Nations in New York September 24, 2009.
updated 10/11/2011 3:03:07 PM ET 2011-10-11T19:03:07

Rudy Giuliani says he won't be a candidate for president next year.

The Republican former New York mayor told a gathering of Long Island business executives on Tuesday that it's too late for him to join the field of candidates competing to challenge President Barack Obama.

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Giuliani sought the GOP nomination in 2008 but dropped out early. One of his rivals that year was former Massachusetts Gov. Mitt Romney, the party's frontrunner this time.

Giuliani says Romney appeals to the party's head while Texas Gov. Rick Perry appeals to its heart.

Giuliani says that Romney's shifts on issues like abortion, gay marriage and universal health care will probably be a problem for him in the campaign.

Giuliani's announcement was first reported by Politico.

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