Rocco Rossi has bowed out of the race for Toronto's next mayor after a week of intensive media appearances failed to boost his ratings in the polls.

The former mayoral candidate's voice cracked with emotion several times Wednesday night as he announced he will abandon his campaign for the city's top job.

Rossi made the announcement at a 9 p.m. news conference, shortly after poll numbers were released saying he trailed in a distant fourth place.

The recent Ipsos Reid poll shows mayoral candidate George Smitherman at 31 per cent, just ahead of opponent Rob Ford at 30 per cent, if the election were to happen immediately. Rossi had only four per cent, down three points from the previous poll.

"It's clear that the population has come down really to the two," Rossi told CP24, referring to Rob Ford and George Smitherman.

"Either you want to stop what Mr. Ford calls the ‘Gravy Train,' or you want to stop Mr. Ford, and I'm neither of the two."

"I'm a bit of the meat in the sandwich with no prospect of winning at this stage," Rossi says.

The latest results put Smitherman eight points higher than the last Ipsos Reid poll in late September and Ford two points higher than the previous poll.

Among voters "committed to go out and vote," Smitherman was much further ahead, leading the pack at 38 per cent. Ford had 32 per cent, Joe Pantalone is at 15 per cent and Rossi had three per cent.

One quarter of Torontonians still declare themselves as undecided, eight points higher than in the last poll.

Pantalone trails at 11 per cent (up one point), but his campaign isn't calling it quits yet.

The deputy mayor unveiled his plan for a sustainable city budget Thursday morning. Pantalone says his plan calls for no service cuts and a boost to the city's building budget. There would be an overall tax increase of 1.65 per cent, which he says would be in line with inflation.

Although Pantalone is still in the running, Smitherman says his opponent is taking on a tone of desperation.

Smitherman also says he pledges to specific spending commitments around arts, culture and recreation. He also accuses Ford's plan with having a multi-billion dollar hole.

The Ipsos Reid poll was taken last weekend. Its sample size was 400 people, with a margin of error of plus or minus 4.9 per cent.