(CNN) - Donald Trump pulled out of the debate he was scheduled to host on Dec. 27 with conservative media organization Newsmax, according to a statement from the real estate mogul.
Trump, who considered a Republican presidential bid earlier this year, said he will not moderate the event to avoid a conflict of interest stemming from a potential independent presidential bid.
"It is very important to me that the right Republican candidate be chosen to defeat the failed and very destructive Obama Administration, but if that Republican, in my opinion, is not the right candidate, I am not willing to give up my right to run as an Independent candidate," Trump said in a statement. "Therefore, so that there is no conflict of interest within the Republican Party, I have decided not to be the moderator of the Newsmax debate."
Republican candidates Newt Gingrich, the former House speaker, and Rick Santorum, the former Pennsylvania senator, agreed to participate in the debate, but Trump said other candidates declined because of his potential run.
"I would like to thank Newt Gingrich and Rick Santorum for having the courage, conviction, and confidence to immediately accept being a part of the Newsmax debate," Trump said. "I believe this would not only have been the most watched debate, but also the most substantive and interesting debate!"
Responding to the announcement on Tuesday, Santorum said he was looking forward to a match with Gingrich at the debate.
"The media has anointed Newt as the frontrunner, isn't it time he go toe to toe with the consistent conservative alternative? The people of Iowa deserve as many opportunities to hear from the candidates as possible, because while Obama is beatable, we have to elect a conservative nominee who's record is a clear contrast to the President's," Santorum said in a statement to CNN.
Minnesota Rep. Michele Bachmann, who's met with Trump multiple times, was widely expected to attend the debate but made headlines last week when she declined the invitation.
On Tuesday she explained her decision, saying the debate ultimately wouldn't be worth her time given that only three candidates would be facing off on stage.
"It wasn't going to be a real debate," she said on Sean Hannity's conservative radio talk show. "There was no point in it."
Republican National Committee Chair Reince Priebus took issue last week with Trump's impending role as moderator, calling into question his potential run as an independent and saying he would understand if some 2012 candidates turned down the offer.
"I think that having a successful businessman serving as a moderator has a lot of value but the issue here is whether the moderator should be a person who is still batting around the idea of running as an independent," Priebus said on Fox News.