Billionaire Michael Bloomberg is reportedly preparing to run for president in 2020 as a Democrat.

The 76-year-old has told confidants he is planning to challenge Donald Trump in 2020, The Times reports.

“Mike Bloomberg told me he is going to run in 2020,” a source told the newspaper.

“He has the money to see it through while other candidates knock themselves out.”

Bloomberg, the founder of financial software firm Bloomberg LP, has a net worth of $52.6 billion, according to Forbes.

Rumors of Bloomberg’s impending presidential candidacy swirl seemingly every election cycle, but the three-term New York City mayor has yet to run.

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