Former New York City Mayor Michael Bloomberg is considering a presidential run as an independent candidate,according to a new report.

The New York Times, citing unnamed sources familiar with the matter, reports that the former mayor has asked advisers to create a plan for an independent campaign.

Bloomberg, 73, has considered running for president as an independent candidate previously, but has come to believe that the success of Republican front runner Donald Trump and the recent rise of Democratic candidate Bernie Sanders over Hillary Clinton in some early states could leave an opening for him this year, according to the Times. He has set a deadline for making a decision in early March, people briefed on the deliberations told the paper.