Sarah Palin, ending months of speculation, said Wednesday she will not run for president, either as a Republican or third-party candidate.

"This has been prayerfully considered," the former Alaska governor said on the Mark Levin radio program. "I can be on the right path without being a candidate."

Palin previously said she was still considering a run, but she faced an October 28 filing deadline for the first-in-the-nation primary in New Hampshire.

"It's a life-altering proposition and she really spent a lot of time talking with her family and being with her family," said a source close to the Palin family. "I think it's pretty straightforward."

Palin vaulted to political stardom when she was chosen as Republican Sen. John McCain's running mate in the 2008 presidential election. McCain was defeated by then-Sen. Barack Obama.

She has become a lightning rod for criticism in some circles, while others champion her conservative values. She has often been praised by GOP presidential hopefuls.

CNN’s Drew Griffin interviewed Gov. Sarah Palin during the 2008 presidential campaign for CNN Presents: “Sarah Palin Revealed.”