Fine Gael to reopen process for presidential candidate as bookies pick new favourite
In a statement issued through the party on Thursday, Ms McGuinness said she made the 'very difficult decision' to stand down following a stay in hospital last week.
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She said: 'My priority now is my health. Given that the election is in a short couple of months, I do not believe that I have the strength to give the campaign my all.'
Tánaiste and Fine Gael leader Simon Harris said there was a 'great sense of shock' within the party following the development.
He said the party will further consider the election in the coming days through a meeting of its executive council.
The development has completely shifted the dynamic of the race to succeed Michael D Higgins as President.
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Although Ms McGuinness had been just one of two confirmed candidates so far, the former European Commissioner and MEP was the clear favourite.
Now other potential Fine Gael candidates such as Seán Kelly, Heather Humphreys and Frances Fitzgerald have moved into the frame.
Bookmakers have significantly shortened the odds of Mr Kelly or Ms Humphreys taking the presidency, while the new favourite is Independent TD Catherine Connolly.
Ms Connolly has secured the backing of Labour, the Social Democrats, People Before Profit, and a range of other Independent politicians.
She said Ms McGuinness' withdrawal had 'come as a shock to all of us'.
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In a statement on Thursday, she added: 'Without a doubt, this decision could not have been an easy one for her to make.
'I would like to extend my best wishes to Mairead and her family at this time, and all the best for the future.'
Fianna Fáil and Sinn Féin have yet to decide if they will field a candidate.
Minister for Justice Jim O'Callaghan offered reaction to Ms McGuinness' decision to RTÉ News: 'I wish her well in the future. It's a campaign that's getting exciting – as one would expect as we head towards September.'
Meanwhile, Nutriband entrepreneur Gareth Sheridan is among hopefuls seeking a nomination.
A presidential election is expected towards the end of October, as it must take place in the 60 days before the term of current President Michael D Higgins ends on November 11th.
To be eligible to run, a candidate must be an Irish citizen who is 35 or older.
They must be nominated either by at least 20 members of the Oireachtas or at least four local authorities.
Former or retiring presidents can nominate themselves.
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