Mayor John Tory says Toronto will not throw its hat into the ring to be the host city for the 2024 Olympics without “serious, rational” consideration and “extensive” consultation.

Following an announcement at Finch Station on TTC service improvements Monday, Tory faced a string of questions about a possible Olympic bid, however, the mayor was quick to dispel rumours that the wheels are in motion.

"Nobody is being stampeded into anything here," he told reporters.

"There are no letters that are being prepared."

Tory said that the city will need to engage in "broad consultation" with members of the public, sports organizations and members of the business community before a decision is made.

"What we are doing now is letting the dust settle from a very successful Pan American Games (and) making sure we are equally successful with the Parapan Games, then engaging in a careful analysis of all of the facts and figures to do with those games and whatever we know about what’s involved in a future Olympic bid, if there is to be one,” he said.

“They say it is not a good time to go grocery shopping when you’re hungry and in the euphoria of what were a tremendously successful games… this is a serious, rational decision that has to be made.”

Tory said other levels of government will obviously need to be involved in the consultation process.

“No such event can be put on in this city without their partnership,” he said.