The US:New York mayor Michael Bloomberg is prepared to spend $1 billion of his own money to run for president as an independent next year, according to a US newspaper report.
Citing friends and business associates of the mayor, the Washington Times reports that Mr Bloomberg, whose personal fortune has been estimated at $5.8 billion, has moved closer to a decision to seek the presidency.
"He has set aside $1 billion to go for it. The thinking about where it will come from and do we have it is over, and the answer is yes, we can do it," the paper quotes one of the mayor's advisers as saying.
Mr Bloomberg this week denied that he was running for any higher office but he has never ruled out a presidential bid and he has raised his national profile substantially in recent months.
Last week he announced his own conservation-focused national energy plan and this week he and former president Bill Clinton co-host an international climate change summit in New York.
A former Democrat turned moderate Republican, Mr Bloomberg is conservative on fiscal issues and liberal on social issues such as abortion and gay rights.
This week Republican senator Chuck Hagel, whose opposition to the Iraq war has made him popular among Democrats, suggested he could join Mr Bloomberg on an independent presidential ticket.
The two men had dinner in Washington last week at the Palm restaurant, a venue guaranteed to attract the attention of the city's political class.
Mr Bloomberg said on Monday that he thought Mr Hagel may have been joking about a joint presidential run but he added that he and the Nebraska senator were political soulmates.
"He's not happy with the same things that I'm not happy about," the mayor said.
If Mr Bloomberg does spend $1 billion on a presidential campaign, he could outspend even the best-funded candidates from the two parties and, as an independent, he would avoid an expensive primary campaign.
The latest speculation about the mayor's intentions came as Republican candidates prepared to meet in their second major debate of the campaign so far.
Former New York mayor Rudy Giuliani is the front-runner, ahead of Arizona senator John McCain and former Massachusetts governor Mitt Romney.
Some social conservatives have said, however, that they will not support Mr Giuliani because of his support for abortion rights and many Republicans are unhappy with the entire field.
Former house speaker Newt Gingrich said this week that there is "a great possibility" that he will join the race.
And former senator turned actor Fred Thompson has been running what amounts to a shadow campaign, addressing Republican meetings across the country.