Michael Bloomberg is reportedly poised to launch a 2020 presidential campaign, despite previously ruling out a run for the White House.

The billionaire said he was not in the running for the 2020 Democratic nominations a month ago, but could be poised to throw his hat back into the ring just under a month later, according to Axios.

The former New York City mayor could take former VP Joe Biden’s place as a middle of the road Democratic candidate, if Biden were to decide not to run.

The news comes in light of recent accusations of misconduct by Obama’s right-hand man.

Last week, former Nevada state legislator Lucy Flores accused Biden of kissing her on the back of the head in 2014.

Then another woman, Amy Lappos, claimed on Monday that Biden had touched her face with his hands and rubbed noses with her during a political fundraiser in 2009.

Biden is expected to announce his candidacy in the coming weeks, although the scandals cast a shadow over the Democrat’s potential run.

Sources told Axios that Bloomberg had declined to run last month due to the increasingly crowded Democratic field, which has fifteen Democrats and one independent contending for the party nomination.

The businessman, whose personal fortune is estimated by Forbes at $58bn (£44.5bn) has repeatedly been the subject of campaign speculation, although he has yet to announce a single presidential run.

He served as New York City mayor for three terms between 2001 and 2013.

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