CHICAGO (CBS) — Philadelphia Police Chief Charles Ramsey, a front-runner to become the next Chicago Police superintendent, is no longer a candidate.

Sources told KYW Newsradio in Philadelphia that Ramsey, a native of Chicago, has decided to stay and he will not be leaving the post as Philadelphia police commissioner for the foreseeable future.

A source close to the selection process told the Chicago Sun-Times that money is the reason.

In an interview with WBBM, Ramsey said he gave the Chicago job serious consideration.

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“I was really honored and flattered that I would even be considered to throw my hat in the ring,” said Ramsey, who left the Chicago Police Department after 27 years, and a career in which he rose from beat cop to deputy superintendent, when he was passed over in 1998 for the top job, which went instead to current Interim Supt. Terry Hillard.

“I’m still a Bears fan,” he said.

Mayor-elect Rahm Emanuel, who takes office next month, has praised Ramsey, who formerly was a deputy superintendent with the Chicago Police Department and chief of the Washington, D.C., police.

Ramsey said he was interested in the job, but a source told the Sun-Times that Ramsey was asking for a compensation package of more than $400,000 and Emanuel found that unacceptable.

“They were not terms that would keep him in the mix,” the source said.

The Chicago Police Board is accepting applications until Monday. The board already has received a large number of applications, sources said, and Emanuel has interviewed several candidates from within the CPD.

Former Supt. Jody Weis made $310,000 a year, but resigned after his contract expired in early March. Former Supt. Terry Hillard is serving as the interim top cop until Emanuel names a replacement.

© Sun-Times Media Wire Chicago Sun-Times/WBBM contributed to this report. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed