At a bare minimum, Bloomberg and Patrick stand to complicate — and potentially lengthen — the campaign.

“The combination of Deval Patrick and Bloomberg entering the race blows up the primary,” said Quentin James, executive director of The Collective, a super PAC that supports African-American candidates.

Bloomberg and Patrick would face long odds if they run — but each could unsettle the race in far-reaching ways.

Bloomberg, a billionaire, could swamp his competitors in Super Tuesday states with advertising and remain a force deep into primary season with his nearly unlimited resources. Patrick, a former governor, could cut into the field in two key early states, and have a significant impact on the consolidation of the black vote.

Because Patrick hails from Warren’s home state, he has built-in name recognition in New Hampshire, which shares its biggest media market with Boston, potentially sapping Warren and Vermont Sen. Bernie Sanders of their neighboring state advantage there.

Deval Patrick, former Massachusetts governor. | Steven Senne/AP Photo

Patrick. Massachusetts’ first and only African American governor, could also threaten former Vice President Joe Biden’s sizable lead with black voters, particularly in South Carolina. And he could prevent the two other black candidates in the race, California Sen. Kamala Harris and New Jersey Sen. Cory Booker, from growing their support with African-American voters.

Yet the late timing of both Bloomberg’s and Patrick’s potential runs — now less than three months before the Iowa caucuses — leaves the prospects for either man dim, according to conversations with a dozen Democratic strategists.

Bloomberg doesn’t have the same fundraising mountain to climb as Patrick. But as a 77-year-old white man, he faces demographic challenges in a party primary where his absurd wealth is as much a liability as an asset.

Bloomberg, who was already prepared to spend $500 million to help unseat President Trump this year, would join a contest where another billionaire, Tom Steyer, has failed to gain much traction despite spending at least $32 million in the early states of Iowa, New Hampshire, Nevada and South Carolina since July.

If he runs, Bloomberg has signaled he might skip the first four early states in favor of competing in the 15 states that vote on Super Tuesday on March 3. That strategy gives him one narrow path to the nomination: Spend heavily and hang on until the field narrows to two or three candidates.