According to a New York Times report published Saturday, former New York City Mayor Michael Bloomberg has instructed his aides to help him prepare for a possible presidential run as an independent.
The report states that Bloomberg, 73, is galled by the rise of Donald Trump in the polls for the GOP nomination, and is concerned about Hillary Clinton's challenge from Bernie Sanders for the Democratic nomination.
Bloomberg has hinted in the past about making a run for president, but has opted not to due to the expense and long-shot odds of a third-party candidacy. In the New York Times report, Bloomberg is said to be prepared to spend nearly $1 billion of his own money to make a third-party run in November.
Bloomberg's aides told the New York Times they believe he has until March to make a decision so he can be on all 51 ballots.
Bloomberg was first elected mayor in 2001 as a Republican. After he won a second term as a Republican in 2005, he switched his party affiliation to independent in 2007. In 2009, Bloomberg won his third and final term as mayor of the nation's largest city.
Bloomberg could draw some support from Democrats and those in favor of gun control. Bloomberg has been one of the nation's most prominent voices for gun legislation, as he is currently the chair of Everytown for Gun Safety.