Insiders aware of the looming announcement relayed to US media late Thursday that no official decision has been made on the exact timing but that the president intends to announce on Tuesday.
Incidentally, Tuesday also marks the four-year anniversary of Biden's 2020 campaign bid; however, it has also been reported that the announcement could ultimately be delayed.
Should the announcement be held in the coming week, it's believed the declaration will be issued in the form of a video for his supporters.
Although several outlets have confirmed the impending move, the White House has yet to make an official comment on the reports. A full schedule for the commander-in-chief's upcoming week has yet to be publicly released.
Reports have suggested that donors from Biden's 2020 campaign have been invited to the nation's capital for a meeting over the next few days.
Biden has repeatedly mentioned he intends to run for reelection but has yet to make an official announcement. Most recently, during a speaking engagement with tv personality Al Roker over Easter weekend, Biden detailed he was on track to run but that he wasn't quite "prepared to announce it yet."
At present, Biden's only Democratic contenders are Marianne Williamson and Robert Kennedy Jr., who formally his bid on April 19. A Biden reelection effort would put the president in competition against with former US President Donald Trump. Biden has previously indicated that he relishes a rematch against his predecessor.