The report said on Wednesday that Schumer over the last two weeks has been having conversations with Democratic donors about their suggestions for the best way forward for the Democratic party.
Schumer is also having similar conversations with his Democrat colleagues in the Senate about concerns over Biden's reelection odds.
Schumer's focus amid all these talks is on defeating former President Donald Trump and maintaining the Democratic majority in the Senate, according to the report.
On Monday, Biden sent a letter to Democratic lawmakers to reassure them that he is "firmly committed" to staying in the presidential race despite his poor showing in the first presidential debate last month.
Biden appeared confused and incoherent throughout his first debate with Trump on June 27, reinforcing rather than refuting ongoing concerns about his cognitive abilities at age 81. His poor performance has led some Democratic politicians and donors to call for his removal as a candidate.