I know this is being discussed a lot in the media so my little "insider info" isn't exactly breaking news but John Tory is all but ready to announce he's entering the race. His people conducted a survey this weekend so he'll be making a decision by Wednesday, announcing by Thursday.
I seriously hope he does come in, and if so, that his entering prompts other candidates to enter the ring as well. The current crop of candidates is painfully uninspiring. It's quite amazing that a wide open race didn't attract more and higher calibre candidates for the city's top office.
EDIT: ... and by the way, John decided to stay out of the race because he was exhausted from campaigning so much only to lose and was very worried that any other high profile loss would completely annihilate his image. This means that he'll only run if he's near certain that he'll win. I think he's looking for a clear 10 point lead or better in the polls. Anything less and he'll keep his day job.