Former New York City Mayor Michael Bloomberg is preparing to jump into the 2020 Democratic primary for president.

Bloomberg, 77, a billionaire, has mulled over a presidential bid for months, according to the New York Times. Bloomberg has publicly downplayed and, at times, outright denied that he would enter the race for 2020.

Bloomberg still has not yet made a decision on whether to jump into the crowded Democratic primary field, but he is expected to file paperwork in at least one state, Alabama, designating him a contender in the primary. He has hired staff and sent them to Alabama to collect enough signatures to qualify for a run. The deadline to file paperwork for a presidential run in Alabama is Nov. 8.

"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," said Howard Wolfson, a Bloomberg adviser. "If Mike runs, he would offer a new choice to Democrats built on a unique record running America's biggest city, building a business from scratch and taking on some of America’s toughest challenges as a high-impact philanthropist."

Mike believes that Donald Trump represents an unprecedented threat to our nation. In 2016, he spoke out at the Democratic Convention, warning against a Trump presidency. — howard wolfson (@howiewolf) November 7, 2019

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 (@howiewolf) November 7, 2019

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. — howard wolfson (@howiewolf) November 7, 2019

If Bloomberg jumps in, he would likely rely on his wealth to compete with candidates that have been campaigning for months and set up large campaign operations in key states. Bloomberg would follow fellow billionaire Tom Steyer, who jumped into the race in July and burned through large amounts of his own cash to qualify for the Democratic debate stage.