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Former Georgia Lt. Gov. Geoff Duncan says he will not run for president as a No Labels third-party candidate in 2024.

Duncan made the announcement on Monday after more than a week of rumors that he would launch a campaign challenging both President Biden and former President Trump.

"After careful deliberation, I have withdrawn my name from consideration for the No Labels presidential ticket," Duncan said Monday. "It was an honor to be approached, and I am grateful to all those who are engaged in good-faith efforts to offer Americans a better choice than the Trump vs. Biden re-match.

"In addition to my private sector career and earning a living for my family of five, I am focused on healing and improving the Republican Party with a GOP 2.0 so we can elect more commonsense conservative candidates in the future," he added.

HOW NO LABELS IS MOVING TOWARD LAUNCHING A THIRD-PARTY PRESIDENTIAL TICKET

Geoff Duncan

Former Georgia Lt. Gov. Geoff Duncan says he will not run for president as a No Labels independent candidate in 2024, despite more than a week of rumors. (Michael Holahan via Imagn Content Services, LLC)

Duncan entered office as a Republican when he won a general election for lieutenant governor in 2018.

NO LABELS CHARGES OPPONENTS ARE TRYING TO KEEP IT OFF THE BALLOT

No Labels, a centrist group, has been attempting to put forward a presidential ticket for months. The group announced earlier this month that its roughly 800 delegates voted to give a thumbs up to fielding a presidential ticket.

"Now that No Labels’ delegates have given the go ahead for us to accelerate our candidate search for a Unity ticket, voters will read plenty of speculation about who would be on it. But No Labels has not yet chosen a ticket and any names floating around are being put out there by someone else," No Labels chief strategist Ryan Clancy emphasized last week.

Donald Trump, Joe Biden

No Labels is seeking to put forward a "unity ticket" that would challenge both former President Trump and President Biden. (Getty Images)

REMATCH: TRUMP, BIDEN, CLINCH GOP AND DEMOCRATIC PRESIDENTIAL NOMINATIONS

Duncan's withdrawal comes weeks after former two-term Republican Gov. Larry Hogan of Maryland, a former leader of the group who was considered a potential contender for the "unity" ticket, also took his name out of contention. He is instead running for U.S. Senate in Maryland as a Republican.

Former Maryland governor Larry Hogan

Duncan's withdrawal comes weeks after former two-term Republican Gov. Larry Hogan of Maryland also took his name out of contention. (AP Photo/Julio Cortez, File)

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There was also plenty of speculation that former U.N. ambassador and former South Carolina Gov. Nikki Haley, who was the final 2024 GOP rival to Trump before she recently ended her White House run, would consider joining a No Labels ticket. No Labels had expressed interest in her earlier this year.

Haley, however, has repeatedly shut down the idea.