Police Commissioner Charles H. Ramsey will stay in Philadelphia, rather than head up the force in his hometown, Chicago, sources told the Daily News. (Clem Murray / Staff Photographer)

UPDATE 5:03 PM.: Police Commissioner Charles Ramsey today annonuced that he is staying in Philadelphia, after weeks of speculation that he was considering the top cop job in Chicago.

"I would like to just stay right here," Ramsey said to thunderous applause, during a press conference in City Hall. Ramsey said he informed Nutter of his decision last night.

Mayor Nutter, who has been vocal in his desire to keep Ramsey, said he has offered the commissioner a raise that will bump his pay from $195,000 to $255,000, an amount Nutter said was appropriate for a big-city police chief.

Ramsey said three factors played into his decision to stay: the potential of the department to improve, his relationship with the families of the fallen police officers and Nutter's vision for the city going forward. "I want to be a part of it," he said.

Ramsey said he was "totally prepared" to go back to Chicago and noted the emotional pull of his hometown. He said Chicago Mayor Rahm Emanuel was aware of his decision, although he declined to detail their conversations.

BREAKING, 4:03 PM: PhillyClout sources confirm that Police Commissioner Charles Ramsey will stay in Philadelphia.

Ramsey has been wooed by new Chicago Mayor Rahm Emanuel to serve as top cop there. A Chicago native, Ramsey was clearly interested in returning to his hometown where served for more than three decades.

Mayor Nutter has scheduled a 4:15 press conference to announce the news.