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As if the 2016 Presidential election didn't have enough complexity and drama already, there's one more big-name candidate considering joining the fun at this late stage: media billionaire Michael Bloomberg. 

Bloomberg, the former mayor of New York City from 2002 to 2013, is considering running if Republican candidates Donald Trump or Ted Cruz and Democratic candidate Bernie Sanders become their party's nominee. 

If that's the case, Bloomberg will want to "tread carefully," according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, because if he steps in too soon, he could hurt Democratic candidate Hillary Clinton's chances at winning the nomination. 

Cramer said Bloomberg doesn't wants to hurt Clinton's chances, but is willing to run as an independent if it comes down to Sanders vs. Trump.

"I can't speak highly enough about the man," Cramer said of Bloomberg, who he met last fall at the Brooklyn Bridge Park Conservancy, which Bloomberg has "done so much for."

He's just "remarkable," Cramer added, and he did a "fabulous" job as mayor. 

Many people in New York may recognize that, but in the end, this isn't a race in New York -- a liberal part of a liberal state -- it's for the whole country. Running as an independent can have its own challenges and it could be antagonizing to Trump, too, Cramer said. 

Donald Trump has welcomed the challenge of Bloomberg's potential run at the presidency, while Bloomberg is reportedly ready to spend $1 billion on his campaign -- if indeed he runs.