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Billionaire Michael Bloomberg, the former Mayor of New York, is expected to enter the race for the Democratic Party nomination, according to a published report Thursday.

Bloomberg, founder of the financial data and publishing empire that bears his name, had said earlier this year that he wouldn't run.

However, his political adviser told the Associated Press that Bloomberg is concerned that the current array of candidates for the Democratic nomination aren't "well-positioned" to defeat President Donald Trump.

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While Bloomberg, who is 77, hasn't made a final decision, he is likely to file for the March 3, 2020, presidential primary in Alabama, the AP reported citing a source close to the former mayor.

In recent weeks, Sen. Elizabeth Warren of Massachusetts has taken a front-runner position for the nomination ahead of the Iowa caucuses set for Feb. 3. Her populist proposals for a wealth tax to help fund her Medicare-for-all plan, have begun to receive push back from billionaires like Microsoft (MSFT) - Get Microsoft Corporation Report  co-founder Bill Gates and Omega Advisors. chairman and CEO Leon Cooperman.

Microsoft is a holding in Jim Cramer's Action Alerts PLUS member club.