Bloomberg, who sErved as mayor of NY from 2002 to 2013, he is skeptical that any of the current crop of Democratic candidates can defeat Republican President Donald Trump In next year's general elections, a spokesman said.
Former Vice President Joe Biden welcomed businessman Michael Bloomberg potentially jumping into the Democratic primary, dismissing the notion that it's a reflection of his performance in the race. Despite it not being an early nominating state - Alabamans will pick their Democratic nominee on March 3 - the state has a filing deadline on Friday.
A Bloomberg adviser said Bloomberg plans to skip the nation's first four nominating contests if he runs. But both are viewed by some Democrats as too liberal to win in a general election face-off with Trump. One Democrat Bloomberg hasn't spoken to as he's reconsidered his run is former president Barack Obama.
Mr Bloomberg's spokesman said: "We now need to finish the job and ensure that Trump is defeated".
"It is nearly like he is running since this billionaire would like to prevent Elizabeth Warren", Brad Bannon, a Democratic Party strategist who advises innovative groups and labor unions", said of Bloomberg.
At this point, the idea seems to be, Bloomberg will be able to present himself as a compromise candidate, someone who will be tough on guns and serious about climate change but realistic about Wall Street and taxation. He has been calling top party officials to let them know of his plans and could make an announcement as early as next week.
On Saturday, news broke that Amazon owner Jeff Bezos had asked Bloomberg to enter.
"Tonight we say to Michael Bloomberg and other billionaires: Sorry, you ain't gonna buy this election", Sanders said.
But advisers say he has not yet made his final decision.
Warren responded to the news of Bloomberg's move by tweeting at him with a link that showed how much he would pay under her wealth tax.
He went on to serve three terms as mayor until 2012, rejoining the Democratic Party only past year. He has defended the New York Police Department's use of the controversial stop-and-frisk policy that has been criticized as targeting African Americans and Hispanics.
In Arkansas, another Super Tuesday state, a Democratic Party spokesperson said a person representing a "mystery candidate" reached out Thursday afternoon asking about the requirements to join the ballot. And black voters are crucial for the Democrats.
He sent members of staff to Alabama to gather the signatures required to register for its primary ahead of the deadline Friday in anticipation of a bid, the reports said. New Hampshire's filing deadline is November 15.