US President-elect Donald Trump (L) sits at a table with Former Governor of Massachusetts Mitt Romney (R) at Jean Georges Restaurant in New York City, New York, USA, 29 November 2016. EPA/JOHN ANGELILLO/POOL

President-elect Donald Trump announced Wednesday that he will hold a press conference on Dec. 15 to announce how he intends to divest himself "in total" of his private business, the running of which he said he will leave in his family's hands.

In a series of Twitter posts, Trump said that he will hold the New York press conference with his children, who have been closely linked to the real estate business in which the magnate made his fortune.

The press conference will be held to allow him to publicly "discuss the fact that I will be leaving my great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN!" Trump said, using his campaign slogan.

"While I am not mandated to do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses," Trump said on Twitter.

"Hence, legal documents are being crafted which take me completely out of business operations. The Presidency is a far more important task!" he added.

The possibility that the mogul might continue to be intimately involved in his business affairs while also serving as president after Jan. 20 has been one of the issues on which U.S. media outlets have focused in recent weeks.

Concerns exist that there could be conflicts of interest unless the mogul severs any connections between himself and his business, and those concerns extend to his relatives if any of them are given formal positions within the Trump administration.

Three of Trump's four adult children - Eric, Ivanka and Donald Jr. - as well as his son-in-law, Jared Kushner, are members of the presidential transition team.