Will Michael Bloomberg join US presidential race?

Is billionaire Democrat-turned-Republican Mayor Michael Bloomberg also set to join next year's presidential race in the United States?

This is the question being debated amidst reports that the New York mayor might be consulting pollsters and analysts on his chances if he runs as an independent or third party candidate.

Bloomberg spent his own money for campaigning during his mayoral campaign and analysts are asking whether he would be prepared to do so if he decides to put his hat in the arena for next year's presidential race.

The answer whether he would run, Newsweek says, depends on who the nominees are for the two major parties, and how much cash Bloomberg is willing to spend.

The money part, the magazine says, is easy for a self-made media mogul. He could spend $500 million in a campaign and not even think about it. But he'd probably do it only if buyer's remorse sets in among the voters.

Because the primary process is so front-loaded this cycle, the winners will be known in early February, leaving nine months until the election.

"He won't say anything until March of next year," the magazine quotes a former aide privy to the early discussions as saying.

"The guiding philosophy is who the Democratic and Republican nominees are, and the mood of the country once they know who those two people are," the magazine quotes.

Privately, Bloomberg and political adviser Kevin Sheekey are meeting with pollsters and consultants to assess the mayor's chances as a third-party, independent candidate, the magazine says.