He announced his decision on Sunday night amid speculations about a possible BNP nominee of the 20-Party Alliance it leads.
Elections to the Chittagong and two Dhaka city corporations are slated for Apr 28.
The Awami League has chosen its metropolitan unit General Secretary AJM Nasir Uddin as the mayoral candidate.
After nomination papers distribution started on Thursday, many BNP leaders collected them to fight for ward councillor posts.
But the party, which boycotted general election last year expressing its lack of confidence in the Election Commission, is yet to take a stand on the city polls.
Amir Khosru told bdnews24.com they would choose the candidate after the party took a call on the election.
He said everyone would campaign together for the person the party will name.
The former commerce minister said he had no desire to take part in the local government election.
“Those who are qualified for local government will participate.”
Incumbent Chittagong City Corporation (CCC) Mayor Manjur Alam has already said he was keen to contest but was waiting for his party BNP’s decision.
Apart from him, metropolitan BNP General Secretary Shahdat Hossain has also showed interest in joining the fray.
Mayor and councillor aspirants have time until Mar 29 to collect and submit the nomination papers.
Awami League’s AJM Nasir Uddin has told reporters that he will submit his papers on Mar 29. Nasir and his party unit in the port city are preparing for the battle.
Monjur Alam, who is also an adviser to BNP chief Khaleda Zia, had beaten veteran Awami League leader ABM Mohiuddin Chowdhury in the last CCC election held in June 2010.