Updated: 6:39 p.m. ET Sarah Palin is not running for president, CBS News has confirmed. The candidate, who inspired months of speculation regarding a possible presidential bid, announced her decision in an interview Wednesday with conservative radio host Mark Levin. Levin read a statement from Palin announcing the decision before speaking to the former vice presidential nominee on his show. In the statement, Palin cited family considerations and said she thought she could be more effective in helping others get elected. "After much prayer and serious consideration, I have decided that I will not be seeking the 2012 GOP nomination for President of the United States," the statement reads. "As always, my family comes first and obviously Todd and I put great consideration into family life before making this decision. When we serve, we devote ourselves to God, family and country. My decision maintains this order." It continues: "My decision is based upon a review of what common sense Conservatives and Independents have accomplished, especially over the last year. I believe that at this time I can be more effective in a decisive role to help elect other true public servants to office - from the nation's governors to Congressional seats and the Presidency. We need to continue to actively and aggressively help those who will stop the 'fundamental transformation' of our nation and instead seek the restoration of our greatness, our goodness and our constitutional republic based on the rule of law." In an interview with Levin following his reading of the statement, Palin said she would not run as a third party candidate -- a prospect which she said would "guarantee" President Obama's re-election. "I would assume that a third party would just guarantee Obama's reelection," she said, dismissing the option. Despite months of apparent ambivalence on the issue, Palin said she knew "beyond a shadow of a doubt" that she had made the right decision. "This has been a prayerfully considered and family discussion... I know beyond a shadow of a doubt I can be on the right path at this time, not as a candidate for president at this time," she said. Palin said that by abstaining from a presidential bid, she would be able to "branch out more." She told Levin, "I am going to join you in the mission to wake up country." "I can be more effective and aggressive in a supportive role....calling our the wrong-headedness of leaders leading us down this path," she said. "I believe I can branch out more." Of her plans for the future, Palin was characteristically coy. "We'll see what the future holds in terms of me personally in a political career, but in the meantime, all of us, let's join together to wake up America, put us back on the right path. We all have a role to play in this," she said. Read the full text of the Palin statement below: October 5, 2011 Wasilla, Alaska After much prayer and serious consideration, I have decided that I will not be seeking the 2012 GOP nomination for President of the United States. As always, my family comes first and obviously Todd and I put great consideration into family life before making this decision. When we serve, we devote ourselves to God, family and country. My decision maintains this order. My decision is based upon a review of what common sense Conservatives and Independents have accomplished, especially over the last year. I believe that at this time I can be more effective in a decisive role to help elect other true public servants to office - from the nation's governors to Congressional seats and the Presidency. We need to continue to actively and aggressively help those who will stop the "fundamental transformation" of our nation and instead seek the restoration of our greatness, our goodness and our constitutional republic based on the rule of law. From the bottom of my heart I thank those who have supported me and defended my record throughout the years, and encouraged me to run for President. Know that by working together we can bring this country back - and as I've always said, one doesn't need a title to help do it. I will continue driving the discussion for freedom and free markets, including in the race for President where our candidates must embrace immediate action toward energy independence through domestic resource developments of conventional energy sources, along with renewables. We must reduce tax burdens and onerous regulations that kill American industry, and our candidates must always push to minimize government to strengthen the economy and allow the private sector to create jobs. Those will be our priorities so Americans can be confident that a smaller, smarter government that is truly of the people, by the people, and for the people can better serve this most exceptional nation. In the coming weeks I will help coordinate strategies to assist in replacing the President, re-taking the Senate, and maintaining the House. Thank you again for all your support. Let's unite to restore this country! God bless America. - Sarah Palin