Michael Bloomberg, the former New York City mayor and billionaire businessman, will file for the Democratic presidential primary in Alabama, a Bloomberg spokesman told CNN.
The former mayor called a number of prominent Democrats on Thursday including former Senator Harry Reid of Nevada to tell them that he was seriously considering the race.
However, the New York Times reported that the billionaire businessman, Bloomberg, has not yet made a final decision on whether to run but is privately weighing a bid for the White House.
With his immense personal wealth, wealth, centrist views and close ties to the political establishment, Bloomberg could act as an instantaneous threat to former Vice President Joseph R. Biden Jr., who has been struggling to raise money and assemble an ideologically moderate coalition.
Faiz Shakir, Senator Bernie Sanders of Vermont campaign manager, signalled the stiff resistance Bloomberg would face if he joined the race.
"More billionaires seeking more political power surely isn't the change America needs," Shakir said in an email.
Howard Wolfson, a close adviser to Bloomberg, said on Thursday that the former mayor viewed President Donald Trump as an "unprecedented threat to our nation,"
"We now need to finish the job and ensure that Trump is defeated -- but Mike is increasingly concerned that the current field of candidates is not well-positioned to do that," Wolfson said.
"If Mike runs he would offer a new choice to Democrats built on a unique record running America's biggest city, building a business from scratch and taking on some of America's toughest challenges as a high-impact philanthropist," he added.
Bloomberg previously announced in March that he would not run for president, advisers indicated the decision was shaped in part by Biden's strong popularity with Democratic primary voters. Biden's position in the race is evidently no longer imposing enough to keep Bloomberg at bay.
( With inputs from ANI )