Pádraig Ó Céidigh, an independent senator who had been speculated as a potential presidential candidate, has ruled himself out of the race.

Seantor Ó Céidigh, who is also the former boss of the Aer Arann airline, confirmed his decision on this morning's Pat Kenny Show.

He explained: "I'm not going to go, and that was a really tough call for me.

"The main reason for that is, quite frankly, I don't think I'd win it. If I'm going to go, I'm going to win."

Highlighting the continued popularity of the incumbent Michael D Higgins in opinion polls, Senator Ó Céidigh observed: "Even if the President dropped to 35% or 40% - which is in the region of a 20% drop on where he's at... he's still going to get maybe 550,000-600,000 first preference votes.

"The other factor in it is Fine Gael, Fianna Fáil and obviously Labour are supporting Michael D Higgins - that's something like 65% plus of the voting bloc."

His decision comes amid a crowded field of people now seeking a nomination for the presidential election.

Those running include three former Dragons' Den investors - Gavin Duffy, Sean Gallagher and Peter Casey - journalist Gemma O'Doherty, and artist Kevin Sharkey. 

Sinn Féin will also name a candidate later this month.

So far just two candidates have been endorsed by a local authority - Gavin Duffy and Senator Joan Freeman.

To get on the final ballot, candidates will need the support of four local authorities or 20 members of the Oireachtas.

The presidential hopefuls will today continue to seek votes from local councils in Wexford and Roscommon, ahead of the final deadline for nominees at the end of the month.