UPDATE 1-Mexico's Calderon undecided on c.bank governor

* President Calderon undecided on future cenbank governor

* Gov. Ortiz widely respected by market (Adds background on Ortiz and central bank board)

MEXICO CITY Nov 25 (Reuters) - Mexican President Felipe Calderon said on Wednesday he has not decided whether to ask Central Bank Gov. Guillermo Ortiz to continue his job once his term wraps up at the end of the year.

"Independent of the good work of Dr. Guillermo Ortiz on the (bank's) board, it's very important that a republic's president reflect on all the pros and cons of such an important decision," Calderon told Televisa news.

Ortiz, highly respected at home and on Wall Street for his commitment to fighting inflation, ends his six-year term at the end of 2009 and some columnists have speculated Calderon may not ask him to continue for another.

"I will make a proposal for the leadership of the Banco de Mexico and I have until the month of December. That's what we're working on," Calderon said.

Ortiz, who is in his second term as head of the central bank, found himself at odds last year with Calderon, who criticized the bank for raising interest rates as Mexico's economy was slipping toward a recession.

Mexico's central bank board is normally made up of one governor and four deputy governors. The deputy governors hold staggered eight-year terms.

All contribute to the bank's monthly monetary policy decisions.

Ortiz and the other board members are seen leaving the benchmark overnight rate MXCBIR=ECI steady at 4.5 percent for the fourth straight month at the central bank's monthly announcement on Friday, according to 26 of 27 analysts polled by Reuters. (Reporting by Noel Randewich and Armando Tovar; Editing by Kim Coghill) ((noel.randewich@thomsonreuters.com; +52 55 5282 7153; Reuters Messaging: noel.randewich.reuters.com@reuters.net))