Liberal MP Bob Rae, who is aiming to become the party's interim leader, says it's time for Liberals to quit squabbling and get back to the work of rebuilding their party.

However, by becoming interim leader, Rae could eliminate himself as a contender to lead the party into the next election; a fact that suits the 62-year-old former Ontario premier just fine.

"As a party can't afford to be on hold for a year and a half or two years," Rae told CTV's Power Play, adding that rebuilding the party is an "immediate" challenge.

Under Liberal rules, the interim leader must agree not to run for the full leadership. It's expected that the party will put off another leadership race until late 2012, according to reports.

"I'm a team player: I want to do the best I can for the team," said Rae.

Rae also fired a pre-emptive salvo at potential Liberal leadership hopefuls, saying that they should set aside their ambitions for the good of the party.

"I don't think the party really wants a two-year leadership race," Rae said. "So those people who are thinking about the permanent leadership job should, I think, keep that thought at the back of their minds."

Justin Trudeau, Dominic LeBlanc and David McGuinty are all considered possible contenders for party leader, though none have put their name forward.

Rae added that the best thing to do is to "focus on what we need to do to rebuild this party and get it into better shape."

The Canadian Press reports that Rae was pressured to give up his leadership ambitions by the party's national board of directors.

Rae's age was considered a factor as he will be close to 68 when the next election comes around. However, he appears to be a favourite among party members to lead the Liberals until a leadership race is complete.

Rae, who represents a downtown Toronto riding and is a former New Democrat premier of Ontario, has run for the Liberal leadership unsuccessfully on two previous occasions and was seen as a potential candidate to try to succeed Michael Ignatieff at the helm of the party.

Rae said that the party had lost a lot of ground over the past two elections, and that Liberals need to look internally and make serious changes.

"There's too much quibbling and squabbling and back-biting and gossiping," he said.

"I think we have to create a more positive culture in the party. Frankly, that's one of the reasons I want to take myself out of any continual gossip about leadership."

Liberal president Alfred Apps said that Rae would be "superb" for the job of interim leader if he is chosen by the party.

When asked if the party would look to extend Rae's tenure as the leadership race unfolded in late, Apps said he couldn't comment on a hypothetical scenario.

"I don't have a crystal ball," Apps said, but he hinted that any extension likely isn't in the cards.

"My sense is, the party is looking for a new generation of Liberals to come forward; a generational shift in our party, in the long term."