Late last month, former New York City mayor and GOP favorite Rudy Giuliani returned to the city to open a new branch of his Houston based law firm, Bracewell & Giuliani. That got tongues wagging again about his political future.

Many pundits see him running for president in 2008 or governor of the Empire State in 2006. You may want to put your money on the gubernatorial race.

While the mayor had some real credibility problems in the final year of his mayoralty, from a messy divorce to questions about his administration, all of that changed the morning of Sept. 11, 2001. He rightfully won kudos from across the nation for the way he handled the aftermath of the attack.

Some New Yorker's, who despised him just days before, were looking to see how they could revoke the city's term limit rules. After leaving office (with a Time Magazine "Man of the Year" cover to boot), he has been writing his own ticket. His book "Leadership" was a bestseller and he gets paid handsomely for his time as a speaker. He has also started up a security consulting firm and become part of Bracewell & Giuliani.

To top off his status, the pro-choice Republican, who was no darling of conservative Republicans prior to 9/11, has become their favorite son. He headlined the GOP's national convention in New York last summer and has been banking his political IOUs from GOP candidates, including the president, by campaigning for all over the nation.

All the signs point to a national campaign, but that may not be where the pragmatic former mayor has his sights. While he is the GOP's darling right now, it is not clear if the rank and file who vote in presidential primaries, who skew conservative, will support the former New Yorker.

Making matters worse, there looks like there may be two other of his Empire Staters in the race. U.S. Sen. Hillary Rodham Clinton is keeping her options open. Gov. George E. Pataki, who has made no secret of his desire to move from the Governor's mansion to the White House, also might join the 2008 fray. That makes three New Yorkers going after the same pot of money needed for a national campaign, a real fund-raising challenge.

The mayor may be taking a wait-and-see approach to see if Pataki chooses to not run for re-election. The GOP has no natural successor to the three-term governor. He also may be the one-person the state's Democrats fear, someone who can take on the all-but-anointed Democratic nominee, Attorney General Eliot Spitzer.

So Giuliani is likely trying to raise his profile again, especially among New Yorkers. That may be why you may have seen his endless ads for the stadium in New York City, his recent appearance on the Jay Leno show and the opening of his new law office.

Rudy Giuliani may not be looking to Washington in 2008, but Albany in 2006.

Cosentino is a former mayor of the city of Auburn. He can be e-mailed at cozguytho@aol.com