The entrepreneur and star of The Apprentice had been openly mounting an unofficial campaign over the past few months, claiming that he would easily beat current US President Barack Obama if he was nominated as the Republican candidate.
However, Trump released a statement earlier today confirming that he will not be running for office after all.
"After considerable deliberation and reflection, I have decided not to pursue the office of the Presidency," Trump's statement read. "This decision does not come easily or without regret, especially when my potential candidacy continues to be validated by ranking at the top of the Republican contenders in polls across the country.
"I maintain the strong conviction that if I were to run, I would be able to win the primary and ultimately, the general election."
Trump cited his love of business and the private sector as the main reasons behind his decision not to move into politics.
The Apprentice star said that despite not running for office he will still lend his support to the candidate he feels is "most qualified" to run the country.
The Celebrity Apprentice continues to air Sundays on NBC.
Watch Donald Trump declare his political intentions at the NBC Upfront Presentation below: