Party members begin voting Wednesday to select a new leader.
On Friday, Cere told The Canadian Press he had not yet raised the $10,000 he needs to continue in the race. Cere has until 5 p.m. Tuesday to raise the necessary amount.
If Cere were to leave the race, only three candidates would remain: Alexandre Cloutier, Martine Ouellet and the front-running Pierre Karl Peladeau.
Cere will announce his decision in a news conference Sunday afternoon.
Results of the first round of the PQ leadership vote will be announced May 15.