![Flo Rida - GDFR ft. Sage The Gemini and Lookas [Official Video]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7Oqk1uDLyL1qDzBzq6ySXK_9v7ZqCk14-h5k-yZOWBekNr5Cv-LeRpsny0i7p0ZZ4QvjFuaDN6CzKH4MtU6X4T1KqdIlS7nbu5-azVHOJk1mzKxgKmG8QgI8LOYLQYAvBL_dvz1ODhNM/s72-c/flo-rida-gdfr-ft-sage-the-gemini-and-lookas_8017265-8295_1200x630.jpg "Flo Rida - GDFR ft. Sage The Gemini and Lookas [Official Video]")
Mr Romney said he had decided it was "best to give other leaders in the party the opportunity to become our next nominee".
His statement comes weeks after a surprise announcement saying he was considering another bid.
The decision not to run frees up donors to support other Republican candidates.
Mr Mitt Romney's campaign raised more than $1bn (£666m) in the 2012 election, when he unsuccessfully challenged President Obama.
Romney also lost the 2008 Republican presidential nomination to Senator John McCain.
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