The Olympic rings hang inside London's St. Pancras train station. London will host the Summer Games in 2012. (Alastair Grant/AP)

Toronto will not be in the running to host the 2020 Olympic Summer Games. In a time of financial constraint, the mayor's office has said it will not support a bid.

The city was approached recently by a group of civic leaders looking for approval — and funding — for an Olympic bid.

Toronto tried twice before to land the Games — but lost out to Atlanta for the 1996 Games and Beijing for the 2008 Games.

This time, with the infrastructure in place from the 2015 Pan Am Games, Olympic supporters wanted to get the city's backing for a new bid for the 2020 Games.

But Coun. Doug Ford, a close advisor to his brother Mayor Rob Ford, said Thursday the time is not right. He said no level of government can afford the money it would cost to host the Olympics.

"We can't, the feds can't, the province can't, it's just not the time. Everyone would love it but financially no one is in the shape to take it," said Ford.

Bob Richardson a key player in Toronto's 2008 Olympic bid and 2015 Pan Am Games bid, said Toronto would've likely been the only applicant in the hemisphere — but he understands the mayor's position.

"I don't entirely agree with it but he's the mayor," said Richardson.

The meeting with the mayor and some city councillors was a quick one.

It "literally lasted five minutes," Doug Ford said.

Toronto city council is currently in the midst of a debate over a $774-million budget shortfall.

In spite of the budget concerns, some believed Toronto would be in a privileged position because of the infrastructure being put in place for the Pan Am Games.

Toronto will get a world-class aquatic centre as part of the 2015 Pan Am Games. Other facilities will be built in nearby communities.

The bid process for the 2020 Summer Games begins in September — but Doug Ford says, right now, he doesn't see how any city can afford the multi-billion dollar price tag.

"I don't even know what country is in the shape right now to take it. But we aren't."