Michael Bloomberg, the self-made billionaire and former New York City mayor, is reportedly making plans to run for president as a Democrat in 2020.

The Times of London, citing an unnamed source, reported Thursday that Bloomberg has been having the discussion with his inner circle. The former Republican mayor -- whose net worth is reportedly $52.2 billion -- would be able to bankroll his own campaign while “other candidates have to knock themselves out,” the source said.

It was previously reported that Bloomberg planned to spend at least $80 million to help the Democratic Party in the upcoming November elections.

Bloomberg told the Washington Post earlier this summer that Republicans have not delivered results while controlling both the House and Senate, and he argued that a change in power was necessary for members of Congress to reach across the aisle to solve the issues plaguing the country.

Bloomberg supported Hillary Clinton in 2016, and reportedly called Trump a “dangerous demagogue.”

“Trump says he wants to run the nation like he’s run his business,” Bloomberg said in 2016. “God help us. I’m a New Yorker, and I know a con when I see one.”

Corey Lewandowski, the former Trump aide, said in August that he believed Bloomberg would be a serious threat to Trump if he ran due to his vast fortune, name recognition and reputation as a job creator.

“Mike Bloomberg created tens of thousands of jobs over the course of his lifetime,” Lewandowski told reporters at a Christian Science Monitor breakfast in Washington, the New York Post reported. “That is a story the American people like -- and he’s an outsider. I think it would be a very competitive race.”

Trump, who ran as an outsider in 2016, appeared to draw new attention to business leaders as potential political leaders. Starbucks' Howard Schultz is reportedly considering a presidential run and Jamie Dimon, the CEO of JP Morgan, appears to enjoy saying he is not running for office.

Dimon said earlier this week that he could beat Trump if the two went head-to-head.

"I think I could beat Trump," Dimon said Wednesday, according to CNBC. "Because I'm as tough as he is, I'm smarter than he is. I would be fine. He could punch me all he wants, it wouldn't work with me. I'd fight right back."

He later said he should not have said it and he is not running for president, but Trump could not resist responding on Twitter.

"The problem with banker Jamie Dimon running for President is that he doesn't have the aptitude or 'smarts' & is a poor public speaker & nervous mess," Trump said.

Fox News' Ben Brown contributed to this report