NEW YORK -- On Tuesday morning at the Niketown store, P. Diddy gathered members of the press to announce his latest project, but surprise, it had nothing to do with music, fashion or limited-edition cars.

Instead, the multitasking millionaire acknowledged the rumors that he might possibly be throwing his hat in the ring and running for president of the United States or mayor of New York City. Then he announced that he would indeed be running, but not for any office. Rather, Sean "P. Diddy" Combs has plans to run in the New York City Marathon on November 2.

"This is something that's a personal goal for myself," Diddy read from a prepared statement. "Aside from the personal goal of competing, I've set aside this event as a backdrop to use to raise money and awareness for three charities dedicated to improving the lives of New York City children. We have the goal of raising $1 million to be divided between the Children's Hope Foundation, Daddy's House social programs and the public schools of New York City."

P.D. also announced that Nike, McDonald's, Sean John, Foot Locker, NYC radio station Hot 97 and MTV have pledged funds already, and that his friends Sarah Jessica Parker, New York Yankee Derek Jeter, Calvin Klein, Jay-Z, Magic Johnson and Russell Simmons are currently reaching out to more folks for money.

"[This event] for children's health and education is not gonna be [the only] project I do," Diddy said with a sense of urgency, referring to his desire to get new textbooks in the schools and arm kids with knowledge about HIV prevention. "It's gonna be a life-long mission. ... I'm gonna be committed to it in the long run. Life is like a marathon -- it's long and hard and our children are going to need our help to get through that marathon of life."

As for the New York City Marathon, Diddy admitted that he isn't as prepared physically as he should be, having only been training for the past three weeks when he should have started six months ago. He showed a brief televised snippet of his workout on monitors, which included running in the rain and lifting weights.

Among the sacrifices Diddy has made in his attempt to get into shape include limiting his partying to once a week ("That's a lot for me," he said). He also promised to "just abstain from everything" in the four weeks leading up the event.

"It's gonna be a rough one," Diddy, whose longest practice run has been 15 miles, said of the planned 26.2-mile run. "I'mma do my best to finish the race. If I have to crawl, I'm gonna finish the race. I would like to win it, but I don't think that's possible due to my schedule and the time I've been training. My main focus is finishing the race and raising $1 million for the charities in need."

The rap mogul laughed and said that he'll need plenty of people to cheer him on and maybe give him some Gatorade and water during his trek, especially around the halfway point. What he won't be requiring, however, is protection from his burly bodyguards.

"The marathon is a very safe atmosphere, it has a lot of security," he rationalized. "I didn't want to run with security around me. I wanted to run with the people. I think it's gonna be tough enough for everybody to finish the race so I don't think I have anything to worry about."

People interested in contributing to P. Diddy's cause can call 877-Run-Diddy or visit diddyrunsthecity.com. Donations will also be accepted at New York's Niketown and NYC area Foot Lockers.