York/APSen. John McCain and former Alaska Gov. Sarah Palin unsuccessfully ran on the GOP ticket for President in 2008.

John McCain isn't quite ready to give the mama grizzly's potential run for President a bear hug.

Sarah Palin is "outstanding," but McCain sounded gun shy in an interview where he was asked if he would endorse her for the 2012 GOP bid.

The Arizona senator who ran for President with Palin as his running mate in 2008 reiterated his "high regard" for the ex-Alaska governor, but said it was too soon to back her for a White House run.

"I don't think Sarah would want me to, before she's even able to make a decision," McCain told CBS News.

Palin, who has hinted at a possible run, saying she could "give it a shot" if no other Republicans step forward, has been busy campaigning for several Tea Party candidates running in November's midterm elections.

"I'm very grateful for all the things she's done to invigorate our party," McCain said.

Her political fate may rest on how well the GOP fares in the midterms.

"If we don't win the Senate I have one thing to say: 'Thank you, Sarah Palin,'" a bigtime player in Republican circles told the Daily News last week.

Despite polls that show voters are ready to kick out the Democrats in Congress, McCain remained cautious about his party's chances on Election Day.

"If I had to predict and I'm very hesitant to do so, I think we will be up late, or even after election night, waiting to see what happens," McCain said.

"We're in for an interesting election."

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