A longtime climate activist, the billionaire media mogul was initially appointed UN special envoy on cities and climate change by then UN chief Ban Ki-moon in January 2014.
The announcement ended speculation about the intentions of Bloomberg, who for weeks has been filing paperwork to be eligible as a candidate.
Bloomberg’s wealth has already emerged as a central issue as the political world awaits his formal announcement. He is estimated to be one of the 10 richest people in the world.
The 77-year-old former mayor of New York filed paperwork to register a committee called 'Mike Bloomberg 2020,' commission spokeswoman Judith Ingram confirmed.
The 77-year-old had long defended his backing of the aggressive technique, which gave the city's police broad powers to search anyone they suspected of criminality.
The 77-year-old billionaire has been mulling a White House bid for weeks but has not made a final decision so far, according to reports.
With immense personal wealth, Bloomberg could quickly build out a robust campaign operation across the country.