Mike Pompeo says he's not running for president in 2024

Former U.S. Secretary of State Mike Pompeo said Friday he is not running for president in 2024.

"The time is not right for me and my family," Pompeo said in a statement.

Pompeo, 59, said he and his wife Susan made the decision "after much consideration and prayer."

Pompeo served under former President Donald Trump as director of the Central Intelligence Agency from 2017 to 2018 and as secretary of state from 2018 to 2021. He was considered a potential Republican candidate for president as the 2024 election shapes up.

Republicans who have thrown their hat into the ring include Trump, Nikki Haley, who served as a U.S. ambassador to the U.N. in the Trump administration, and Asa Hutchinson, the former governor of Arkansas.

Among Democrats, Marianne Williamson and Robert F. Kennedy Jr. have announced or signaled bids for the White House.

President Joe Biden has repeatedly said he intends to run for reelection in 2024 barring some major issues such as his health. However, the Democrat has not officially announced a decision.

Biden told reporters Friday that he plans to announce his plans "relatively soon."

"I've already made that calculus," Biden said on the tarmac as he departed Knock, Ireland, when asked whether his trip to the country has changed or influenced his plans on seeking re-election. "But the trip here just reinforced my sense of optimism about what can be done."

When pressed on the decision, Biden added, "I told you my plan is to run again."

In January, Pompeo told CBS News he was considering a 2024 run for president but was still undecided on whether to throw his hat in the ring.

The former Kansas congressman also announced his decision not to run during an appearance on Fox News Friday evening.

"While we care deeply about America, and the issues that I've been talking about this last year and a half, and frankly for decades, matter an awful lot, this isn't our moment," he said about himself and his wife.

Pompeo hinted at potential future bids for president in his statement Friday.

"To those of you this announcement disappoints, my apologies," Pompeo said. "And to those of you this thrills, know that I'm 59 years-old. There remain many more opportunities for which the timing might be more fitting as presidential leadership becomes even more necessary."

ABC News' Sarah Kolinovsky contributed to this report.