Former U.S. Senate candidate Jim Pederson will not be running for governor of Arizona next year.

The Phoenix-area developer and Democratic Party booster told friends today that he will be staying out of the race.

“It wasn’t the right time,” Pederson told us. “If I were really to do justice to this campaign it would require a 24-7 effort.”

Pederson cited his business and family as priorities right now.

Pederson had launched a Web site — standupforarizona.com — and that effort will continue, he said. The Star was the first publication to confirm Pederson’s interest in the job back in January.

He said today that he’s not endorsing a candidate. “I’m going to wait and let things play out,” he said.

His official exit leaves three potential Democratic candidates in the 2010 race: Attorney General Terry Goddard, who has said he intends to run; state Rep. David Bradley, a Tucson lawmaker who told us last month that he’s considering a bid; and former Tempe Mayor Neil Giuliano, who has also expressed interest.

Current Gov. Jan Brewer, a Republican, has not said yet whether she will run.