Ideally, said Minarik, Gov. George Pataki would seek re-election in 2006 at the same time Giuliani challenges Clinton, noting that a Pataki-Giuliani ticket "would be great for me and the party."

In the past Giuliani has suggested that by now he would have made up his mind about whether to take on the former first lady.

"I'm not going to think about it until after the presidential elections," he told "Hannity & Colmes" a year ago. "I've got plenty of time to make a decision on, you know, do I want to run again, what do I want to run for? Senator, governor – who knows?"

In the intervening months since the election, however, Giuliani has been silent on the prospect, though those close to him say his real interest is running for the White house in 2008, when he'll likely face Sen. Clinton as the Democrats' nominee.

Some, like former Clinton strategist Dick Morris, say the ex-mayor's liberal position on social issues will make it tough to win in the Republican primaries, where his stance on abortion and gay marriage will likely be a big loser.

But if Giuliani were able to defeat the former first lady in 2006 - in effect, slaying the Democrats' dragon - it could blunt conservative opposition to his candidacy.

Unless Giuliani challenges Mrs. Clinton in 2006, national party leaders are not looking to invest a lot of time or money in trying to unseat Mrs. Clinton in New York, the Times said.

Editor's note: