Former Mayor Michael Bloomberg may be considering a presidential bid for 2020.

According to the New York Times, if Bloomberg does decide to run, it will be on the Democratic Party line. He told the paper that he's too far away from where the Republican Party is today.

The 76-year-old billionaire and media executive has supported Democrats in the midterm elections and has used money to attack Republicans on multiple issues.

Bloomberg served three terms as the New York City mayor.