Former New York City Mayor Rudy Giuliani has been largely on the sidelines in recent months but he appears ready to enter the fray of possible 2012 contenders. Speaking at the University of Arkansas, Giuliani said he’d be inclined to enter the race only if, in his opinion, the GOP field is weak and unable to take on President Obama.

Report from National Journal:

“My concern about 2012 is—because I’m a Republican—to make sure that the Republican Party fields a candidate that can win,” he said. “And if I think that I can help by being a candidate, then that would probably persuade me to do it. But if I can help by supporting another candidate, then I’d probably do that.”

Giuliani ran unsuccessfully in 2008 and ultimately backed Sen. John McCain. This time around, unlike others mulling a bid for the GOP spot, Giuliani wouldn’t give himself a schedule for his decision.

“There’s time to figure that out,” he said. “The good thing about this election, as opposed to four years ago, is that it’s happening very slowly, so it gives you a chance to think about it; gives you a chance to get it down to a smaller period of time so people can focus more on the issues.”

Giuliani didn’t do too well in 2008 when social issues dominated much of the early primary contests. That isn’t to say 2012 will be different, however, his record on governing a liberal city and knowing how to balance budgets will serve him well this time around should he decide ultimately to run.

If interested you can watch some of Giuliani’s speech on YouTube.