This weekend may be decisive in the District’s thus far muted 2010 mayoral race, as D.C. Council Chair Vincent Gray (D-Ward 7) and multimillionaire developer Don Peebles reportedly plan to meet one more time to hammer out which of the two of them will challenge Mayor Adrian Fenty in the September primary. While they’ve met before and we’ve surely heard our fair share of hints and rumors as to which one of them would run, Gray publicly announced this week that the decision would be made in the coming days.

So who’s it going to be? Gray is the better political choice, given his well-regarded stewardship of the D.C. Council and the generally positive views most city residents seem to have of him. But his waffling on whether or not to run has made him seem fearful and indecisive, and that any decision on his part would come in the final week of March means that he’s facing the monumental task of building a campaign machine to challenge Fenty’s nearly $4 million operation — and having to do it very quickly.

Peebles, on the other hand, came out of nowhere late last year, promising to dump lots of his own money — at least several million, he hinted — into taking on Fenty. Should he be the chosen one, fundraising won’t be a concern. But his own history will. In 1998, the D.C. native decamped for South Florida, where he has lived and worked since. It isn’t a stretch to foresee residents question his dedication to the city and understanding of its politics. Twelve years away is a long time, after all.