Former New York mayor Michael Bloomberg is considering throwing his hat into the Democratic party contest for the party's presidential ticket, reports Washington Post.

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The billionaire is of the view that the current list of candidates seeking the Democratic Party ticket in the 2020 election do not have what it takes to oust President Donald Trump form power.

“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, " Howard Wolfson, the political adviser of Mr Bloomberg said.

"Based on his record of accomplishment, leadership and his ability to bring people together to drive change, Mike would be able to take the fight to Trump and win, " Wolfson added.

As confirmed by the British Broadcasting Corporation (BBC), Mike (Michael Bloomberg) is expected to file the necessary paperwork for the Alabama state whose filing deadline is Friday.

Media outlets reported that the business tycoon had already dispatched his team to the state of Alabama.

Top party officials have received his call informing them of the former mayor's plans with speculation rife that an announcement for a presidential run will come in a few days time.

According to New York Times, Bloomberg had not made the announcement early on because he feared that former vice president Joe Biden appeared to be a very strong candidate at the start of the campaigns.

Now Biden appears to be weakening, the reason why Michael Bloomberg is reportedly mulling a possible run.