Cleveland Cavaliers' search for a new president of basketball operations will roll on as Chauncey Billups has withdrawn from consideration, according to ESPN.

Billups was considered for the position after the Cavaliers decided to fire David Griffin at the end of the season following the team's 4-1 series loss in the NBA Finals against the Golden State Warriors.

Billups strong reputation as a leader and the belief that he can make the transition with the proper support staff gave him a leg to stand on for the Cleveland front office position despite the fact he actually has no front office experience to his name.

The 40-year-old had been talking to Cavaliers owner Dan Gilbert over the past two weeks about the position but ultimately passed on the offer on Monday morning.

Billups said, according to ESPN: "I have great respect for Dan Gilbert and the Cleveland Cavaliers, and I greatly appreciate the discussions we had regarding their organization.

"As I have conveyed before, ultimately I would like to lead a team's basketball operation and be a part of a successful franchise. But presently, the timing just isn't right to delve into that role in Cleveland. In the meantime, I will continue to focus on broadcasting and my other business endeavors."

According to some sources, he is earning more money now on television that what he would have earned if he took up the position of president of basketball operations in Cleveland. This may have played a major influence on his decision-making.

Cavaliers assistant general manager Koby Altman is expected to continue running the day-to-day operations of the franchise, including trade talks and free agency, while the team still hunts for a new president of basketball operations.

Billups was a five-time All-Star during his 17-year playing career, playing for several teams in the league, most notably the Detroit Pistons.