"He didn't get into public service to just run for office," said spokeswoman Kathleen Strand, responding to rumors the erstwhile senate candidate would join the race for Chicago mayor.
"He believes in public service, and his plans are to faithfully serve out the remainder of his term as Treasurer and then pursue other opportunities. Alexi loves this City and will provide whatever assistance he can now or in the future to Mayor Daley, the city council and the next mayor," Strand said.
The idea was put forth earlier this week after it was revealed the Democrat, while vacationing in Mexico, agreed to meet with a group of Chicago alderman to discuss the opportunity.
"He was trying to be respectful to the aldermen," Strand told NBC Chicago on Friday.
The fact that he's not jumping into the race likely puts the White House more at ease. The president supported Giannoulias' senate campaign -- somewhat reluctantly -- after trying to draft other candidates to run. Giannoulias lost the Nov. 2 election for the president's senate seat to Republican Mark Kirk.
Mayor Richard Daley announced Sept. 7 that he would not seek a seventh term as the city's chief executive. Those interested in running for mayor have one week to file their campaign papers, beginning next Monday.