Mike Bloomberg might end up running for president, after all. Bloomberg, the billionaire former mayor of New York, has indicated to associates in recent weeks that Joe Biden's recent struggles against Sen. Elizabeth Warren are making him rethink his decision to stay out of the 2020 Democratic primary. That's according to people familiar with the discussions who spoke on condition of anonymity because the conversations were deemed private. Bloomberg has signaled he's "still looking at" running for president, but people close him say that the only way he could even go down that path is if Biden's fortunes suffer so much that he drops out before or during the early stages of the primary. Bloomberg could then enter the race as one of the rare moderates with enough name recognition and campaign funding to make a run. Forbes estimates his net worth at $51 billion, and he was planning to spend over $100 million on a campaign for president if he ran. "I think it's something he wants. He has not been shy about that," one of Bloomberg's allies familiar with the talks told CNBC. "Nothing can happen unless Biden drops out, and that's not happening anytime soon," this person added. "He's like everyone else. They can't get it out of their system," said a banking executive who has known Bloomberg for decades. "Bloomberg is in if Biden is out," said another New York billionaire with ties to Bloomberg. During his three terms as mayor, Bloomberg was a Republican and an independent. He registered as a Democrat again one month before the party's triumph in the 2018 midterm congressional elections, during which Bloomberg was a big donor. He has said he would run as a Democrat if he pursued the White House this time.

Axios reported in April that Bloomberg might still run for president, despite his announcement a month earlier. Fox Business reported in September that he still has a team of political advisors and has kept the door open to running in 2020. Bloomberg, who is 77, considered running in the 2016 election, but announced he wouldn't do it. He eventually endorsed Democrat Hillary Clinton in the race. Before that, there was speculation he would run in 2012, but he declined and eventually backed President Barack Obama. Representatives for Bloomberg did not respond to repeated requests for comment after several days of outreach. A spokesperson for the Biden campaign did not return a request for comment. Biden, 76, is neck and neck with Warren, 70, in polling averages. The latest Quinnipiac poll has the Massachusetts Democrat receiving 29% of support from Democratic voters, while Biden has 26%. FiveThirtyEight's Nate Silver pointed out that Biden continues to remain ahead of Warren in a combined average of recent polls, despite attacks from President Donald Trump. Biden has been under siege from Trump, who has ripped the former vice president over his son Hunter's business ties in Ukraine and China. The Bidens have denied all accusations of wrongdoing. House Democrats are conducting an impeachment inquiry into Trump after he asked the Ukrainian president to investigate Joe and Hunter Biden. Trump, 73, on Monday teed off again after Hunter Biden disclosed that he would step down from a Chinese-backed private equity firm.