The former Vice President told a senior Democratic official he is likely to run and his aides have said he must move quickly in the Democratic primary, insiders told the New York Times. Mr Biden is said to be under pressure from party donors to make up his mind no later than the end of January, or risk losing their support. The news comes after Senator Elizabeth Warren announced her candidacy on December 31.
Over the Christmas holiday, Mr Biden spent some time in the US Virgin Islands calling and texting potential supporters.
In one of these calls he reportedly said: “If you can persuade me there is somebody better who can win, I’m happy not to do it.”
He added: “But I don’t see the candidate who can clearly do what has to be done to win.”
This week he is said to be holding private meetings in Washington with Democratic officials.
Mr Biden has made a bid for the White House twice before but in 2015 opted out of the Democratic primary at the last minute.
The veteran politician faced criticism for dragging out his decision and undermining Hillary Clinton’s campaign.
Should Mr Biden announce his candidacy in two weeks, he will immediately become a front-runner.
Senator Tom Carper of Delaware, Mr Biden’s friend and former colleague said: “He has the best chance of beating Trump, hands down.
“On a scale of one to 10, that’s probably about a 12 for us.”
However, there are others who are more skeptical that a moderate white man in his 70s is the answer, especially given Mr Biden’s baggage from a long career in the spotlight.
Left-wing activist Waleed Shahid said: “In 2020, Biden-style centrism will become a toxic and losing brand of politics in the Democratic primaries.”
Mr Biden’s allies argue he could reclaim voters who abandoned the party in 2016.
Former Governor Jack Markell of Delaware said: “If you look at Wisconsin, Michigan and Pennsylvania, the labour folks who voted for Trump, they love him. He has a connection with these people.”
Either way, Mr Biden represents a steady moderate Obama-style Democratic candidate, in contrast to up-and-coming radicals within the party, igniting the question as to which stands a better chance against Trump.