American billionaire businessman, Michael Bloomberg is reportedly considering entering the race for the United States Democratic Party’s presidential nomination.

Bloomberg’s adviser, Howard Wolfson says the former New York City mayor is concerned that the current field of Democratic candidates are not good enough to beat Donald Trump in the 2020 election.

The 77-year-old is expected to file paperwork this week for the Democratic presidential primary in Alabama in which a total of 17 candidates are vying to take on President Donald Trump.

Former Vice-President Joe Biden, Massachusetts Senator, Elizabeth Warren and Vermont Senator, Bernie Sanders are the front runners.

Recent opinion polls have suggested that Ms. Warren and Mr. Sanders might lose against Republicans Trump if either of them secures  the party’s nomination.

Although three Republicans have so far indicated interest to challenge Mr. Trump in the party’s primary contest, it is seen as almost impossible that anyone will take the Republican mantle from the president.

“We now need to finish the job and ensure that Trump is defeated. But Mike is increasingly concerned that the current field of candidates is not well positioned to do that.

“Based on his record of accomplishment, leadership and his ability to bring people together to drive change, Mike would be able to take the fight to Trump and win,” Mr. Wolfson said in a statement.

In Alabama, candidates must by Friday submit the necessary paperwork to get on the Democratic primary ballot and reports in US media say Mr. Bloomberg has chosen the state because of its early filing deadline.

The Democratic nominee for the presidential election slated for November 3, 2020 will be selected after a series of electoral contests across the country.

The only politician closest to Mr. Bloomberg’s centrist outlook is Joe Biden but his campaign appears to be fading.

This is not the first that Mr. Bloomberg, who has been doing a lot of polling in early voting states like Iowa and New Hampshire has eyed a run at the presidency only to eventually decide against it.

Reports however say that Bloomberg had in the past ruled himself out because he thought Americans would not vote for a billionaire New York businessman, but that concern no longer applies following Trump’s victory.

According to Forbes, Mr. Bloomberg’s net worth is $52 billion which is nearly 17 times more than that of Mr. Trump at $3.1 billion.

A philanthropist and  former Wall Street banker who funded the financial publishing empire which bears his name, Bloomberg has donated millions of dollars to educational, medical and other causes.

Originally a Democrat, he became a Republican to mount a successful campaign for mayor of New York City in 2001. He went on to serve three terms as mayor until 2012, rejoining the Democratic Party only last year.