Egyptian President Hosni Mubarak says he will not run for a new term in office in September elections and will work during the rest of his term for a "peaceful transfer of power" in a new attempt to defuse massive protests demanding his immediate ouster.

From Foxnews.com

In a speech aired on state TV Tuesday night, Mubarak said, "In all sincerity, regardless of the current circumstances, I never intended to be a candidate for another term."

He says he will work during "the final months of my current term" to carry out the "necceasary steps for the peaceful transfer of power."

President Obama asked Mubarak Tuesday not to seek re-election in September, effectively ending his 30-year reign, a source tells Fox News.

Al-Jazeera is reporting that the Egyptian Embassy in Tel Aviv is making preparations to welcome him into exile.