Mayor Michael Bloomberg is expected to push ahead with the plans Tuesday, launching an effort that could make thousands of bicycles available for public use.
The city is reportedly set to request proposals from companies interested in running kiosks to rent the bikes. If those kiosks become a reality, New York would join a string of American cities now trying out similar measures.
A bike-sharing program in Washington, D.C. started in September. A day pass costs just $5, with annual membership going for $75.
But in New York City, there are concerns that too many bikes are already roaming the streets. The NYPD is in the middle of a crackdown on cyclists, issuing large amounts of summonses to delivery people, pedicab drivers and regular commuters.
"People are extremely frustrated, they're nervous," New York City Councilman Daniel Garodnick said. "It's a dangerous situation, and that's why it's important that police have stepped it up and done some strong enforcement out here."
If implemented, the bike-sharing plan would take effect next year.