Former New York City Mayor Michael Bloomberg Michael BloombergBloomberg rolls out M ad buy to boost Biden in Florida Democratic groups using Bloomberg money to launch M in Spanish language ads in Florida Bloomberg pays fines for 32,000 felons in Florida so they can vote MORE has signaled to allies that he’s considering jumping into the race for the Democratic presidential nomination if former Vice President Joe Biden Joe BidenFormer Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick Bloomberg rolls out M ad buy to boost Biden in Florida MORE falters and Sen. Elizabeth Warren Elizabeth WarrenOvernight Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds On The Money: Half of states deplete funds for Trump's 0 unemployment expansion | EU appealing ruling in Apple tax case | House Democrats include more aid for airlines in coronavirus package Warren, Khanna request IG investigation into Pentagon's use of coronavirus funds MORE (D-Mass.) continues to rise.

According to a CNBC report, Bloomberg told associates in recent weeks that if Biden were to drop out of the race before voting begins, he would consider launching a late run for the nomination over fears Warren would drag the party too far to the left.

While Warren has caught Biden in some national and early-state polls, the former vice president remains a top contender for the nomination.

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“I think it’s something he wants. He has not been shy about that,” an anonymous Bloomberg ally told CNBC. “Nothing can happen unless Biden drops out, and that’s not happening anytime soon.”

Bloomberg announced in March that he did not plan to run for president in the 2020 election, though there have been doubts about whether that decision was final.

Bloomberg served as mayor of New York City both as a Republican and independent, but recently registered as a Democrat. He would bring high name recognition and unlimited money into the race. Bloomberg is believed to be worth between $40 and $50 billion.

He has repeatedly flirted with running for president but has never pulled the trigger.

In 2016, Bloomberg considered running for president as an independent at a time when Sen. Bernie Sanders Bernie SandersSirota reacts to report of harassment, doxing by Harris supporters Republicans not immune to the malady that hobbled Democrats The Hill's Morning Report - Sponsored by Facebook - Republicans lawmakers rebuke Trump on election MORE (I-Vt.) was giving former secretary of State Hillary Clinton Hillary Diane Rodham ClintonBloomberg rolls out M ad buy to boost Biden in Florida Hillicon Valley: Productivity, fatigue, cybersecurity emerge as top concerns amid pandemic | Facebook critics launch alternative oversight board | Google to temporarily bar election ads after polls close Trump pledges to make Juneteenth a federal holiday, designate KKK a terrorist group in pitch to Black voters MORE a run for the Democratic nomination.

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Bloomberg passed on a presidential run when it became clear that Clinton would be the nominee, saying he did not want to risk an independent run over fears it would lead to President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE getting elected.

Representatives for Bloomberg reportedly didn't respond to multiple requests for comment from CNBC.