Report: Former NYC Mayor Michael Bloomberg to endorse Hillary Clinton at DNC

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NEW YORK — Former New York City Mayor Michael Bloomberg will endorse Hillary Clinton during his speech at the Democratic National Convention, a Bloomberg advisor told the New York Times.

Bloomberg has not been a member of the Democratic party since 2000. He was elected mayor of New York City in 2002 as a Republican, but later became an independent.

Bloomberg's Senior Advisor Howard Wolfson told the Times the former mayor will support Clinton "from the perspective of a business leader and an independent."

Spokesman Marc LaVorgna told the Associated Press Bloomberg will make the endorsement speech Wednesday night. President Barack Obama and Vice President Joe Biden is also set to speech the same night.

Rumors swirled back in January of Bloomberg contemplating on running for president as a third-party candidate.

Though in a March op-ed titled "The Risk I will Not Take," published in Bloomberg View, he said he would not run for president despite the growing number of Americans urging him to.

Bloomberg wrote he could not risk running as an independent as it might help Donald Trump's path to the White House.

"In a three-way race, it's unlikely that any candidate would win a majority of electoral votes, and then the power to choose the president would be taken out of the hands of the American people and thrown to congress," Bloomberg wrote.

The billionaire media mogul also blasted the Republican nominee for running the most "divisive and demagogic presidential campaign that I can remember, preying on people's prejudices and fears."

This isn't the first time he has endorsed a Democratic candidate. Bloomberg endorsed President Barack Obama when he was running for re-election in 2012.

Bloomberg is scheduled to address the Democratic convention to appeal to moderate voters. He has been outspoken on gun control, immigration and climate change issues.