Zamalek club chairman, lawyer and MP Mortada Mansour announced on Saturday that he longer intends to run in Egypt's upcoming presidential elections, which are set for March.
In a press conference at his home, Mansour offered his gratitude to fellow parliamentarians and citizens who had signed endorsements required to put him on the ballot.
"I will announce the full details later," Mansour said, adding that he will also reveal at a later date which candidate he will be supporting in the elections.
Mansour had announced his intention to run for president earlier this month.
Saturday's announcement comes as Egypt awaits a final decision by the liberal Wafd Party's higher commission on fielding party chairman El-Sayed El-Badawi in the race.
President Abdel-Fattah El-Sisi submitted his candidacy documents as well as his endorsement forms to the National Election Authority (NEA).
Last week, rights lawyer Khaled Ali withdrew as a potential candidate for president, citing what he claimed to be an "unfair competition." However, the NEA later issued a statement saying Ali's allegations were unfounded and could not be substantiated.
Also last week, the NEA removed the name of another potential candidate, the former military chief of staff Sami Anan, from the voters' database, the former military chief of staff Sami Anan, after it determined that he had violated the law which bans military officers from participating in the election process.
The deadline for submitting candidacy requests to the NEA in Monday 29 January.