The odds of Michael Bloomberg running for president are “very, very low — almost zero,” a source close to Bloomberg told ABC News.

His decision, the source said, will likely come this week or next. Another Bloomberg confidant would not confirm nor deny that characterization but told ABC News, “We are at crunch time.”

As ABC News reported in January, the former mayor of New York City has been exploring the possibility of running as an independent. His political team has done research on his viability and the requirements to get his name on the ballot in all 50 states.