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NEW YORK, N.Y. (CBSMiami) — Former New York City Mayor Michael Bloomberg is making preparations for an independent bid for the White House in 2016, CBS News has confirmed.

Sources close to Bloomberg said he’s having his advisers draw up plans for a campaign, something the 73-year-old billionaire has considered in the past.

The move comes at the height of Republican candidate Donald Trump’s popularity and a close race between the two Democratic front-runners, Senator Bernie Sanders and former Secretary of State Hillary Clinton.

As reported by the New York Times, the former Big Apple mayor has indicated he’d be willing to spend at least $1 billion of his own money to fund a bid.

Bloomberg will reportedly come to a decision in March.

Related: VP Biden Was In Miami; Still Not Talking About Possible White House Run

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