Michael Bloomberg’s presidential campaign has made overtures to Democrat Andrew Yang, courting the former candidate’s endorsement and floating the possibility of Mr. Yang becoming his running mate, according to two people familiar with the discussions.

Aides to the former New York City mayor reached out to discuss ways the two entrepreneurs-turned-politicians could work together as Mr. Bloomberg seeks the Democratic nomination, these people said.

Mr. Yang, who dropped out of the race earlier this month, didn’t commit to join forces, as he considers his own political future, a third person familiar with the discussions said.

Mr. Yang didn’t immediately respond to a request for comment. A senior Bloomberg aide said Mr. Yang wasn’t being seriously considered to be the former mayor’s running mate if he secured the nomination.

Mr. Yang had a passionate base of support, known online as the “Yang Gang,” but performed poorly in both the Iowa caucuses and New Hampshire primary. When he dropped out of the 2020 race, his campaign manager told The Wall Street Journal that “the math just didn’t work out.”