"After much prayer and serious consideration, I have decided that I will not be seeking the 2012 GOP nomination for president of the United States," Palin said.
In a letter to supporters, she said will use her influence instead to help elect fellow Republicans, the Washington Post reports.
Palin's last official appearance on the stage of U.S. federal politics was as running mate to Sen. John McCain in 2008. Since their defeat to then Sen. Barack Obama and Sen. Joe Biden, she often hinted that she might run for president in 2012, but never committed herself.
In a tweet Wednesday, McCain said he is confident Palin will "continue to play an important role in our Party and for nation."
What role do you think Palin should play in 2012? Do you expect her to join the presidential race in 2016, or ever? Share your thoughts with us in the field below.
(This survey is not scientific. Results are based on readers' responses.)
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