"I am not running for president in 2016," Patrick told reporters the University of Massachusetts at Boston, according to The Boston Globe.
"I'm going to finish this second term, I'm going to go back into the private sector. And as Diane, my wife says, pay some attention to our family and friends while they are still willing have us pay some attention," he added.
Patrick is a two-term governor, whose current term ends in 2015.
Patrick had been repeatedly mentioned as a possible presidential candidate in 2016 but polls showed him lagging behind others, including former Secretary of State Hillary Clinton and Vice President Biden.
Patrick said Together PAC, his political action committee, would focus on supporting other candidates going forward.
"I am interested in people who are willing to run, willing to lose," Patrick said. "Meaning they actually believe in something and are willing to put it on the line."
Patrick added that the PAC would support candidates in Massachusetts "and elsewhere in the country where we can."