There will be no bid for the 2024 summer Olympic Games from Toronto, the city's mayor has confirmed.

Five cities have already bid for the Games, with Rome, Hamburg, Paris, Budapest and Los Angeles all in the running to serve as hosts.

But Toronto will not join them, with mayor John Tory citing tight deadlines and a lack of funding.

Speaking at a press conference on Tuesday, Tory said: "I believe that Toronto will be a great venue for the Olympics, but not in 2024.

"In the end, it is not my job to be rash but to do the right thing."

Support had grown for a potential bid after Toronto successfully hosted the Pan American and Parapan American Games this year.

Reacting to the news, Canadian Olympic Committee president Marcel Aubut said in a statement: "We respect the Mayor's decision today and appreciate the thorough consideration given to a potential candidature. 

"Thank you to everyone who supported this undertaking. We remain optimistic Toronto could and should host the Olympic Games in the future.

"We thank President [Thomas] Bach and the International Olympic Committee for their unique cooperation throughout this process.

"We look forward to a continued productive relationship with all three levels of government to support high performance athletes.

"The Canadian Olympic Committee is determined to have the Olympics back in the country at the earliest opportunity, especially in the context of the new Olympic Agenda 2020."

Canada has hosted the summer Games once back in 1976 when they were held in Montreal. Calgary and Vancouver staged the Winter Games in 1988 and 2010 respectively.