MSNBC's First Read blog reports, via Kelly O'Donnell, that Fred Thompson is now looking at announcing a presidential bid in early September, after teasing much of the media with the possiblity of a July kickoff.

"There's no great benefit to getting in immediately. He's made his intentions pretty clear," says one adviser, adding, "Fred Thompson doesn't do anything until he, when he does something, he does it right. We'd rather wait and be up to his standards and do it right then sort of rush things along."

My question is whether Thompson is watching McCain to see what happens with his campaign. The two are friends, and if McCain got out of the race, his supporters would be up for grabs, not to mention his endorsement. McCain however, insists he's staying in.

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