(NEWSER) –  Is it finally Bloomberg time in America? After multiple false starts, sources tells the New York Times this could finally be the year former New York City mayor Michael Bloomberg runs for president.

Those close to the billionaire say he's discouraged by how the race is going so far and has concerns about Trump, Sanders, and Clinton. And he's asked his advisors to figure out plans for a 2016 presidential campaign. According to the Huffington Post, Bloomberg is the "sort of independent candidate for whom economic elites have long been clamoring": liberal on social issues and conservative on economics.

Sources say Bloomberg would be willing to spend $1 billion of his own money on the race, and he's been studying past third-party campaigns and polling his popularity against Trump and Clinton, the Times reports.

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