Yang, an American entrepreneur and philanthropist, is not expected to announce his bid until next month, as first reported in the New York Times.
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With the Democratic primary less than seven months away, Yang would be only the second Asian-American candidate to run for mayor and appear on the ballot.
J.P. Morgan executive Arthur Chang is also planning to run.
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In 2013, New York State Senator John Liu was a candidate for mayor of New York City, in lieu of running for re-election as Comptroller.
COVID NEWS: Which businesses and activities have been traced to outbreaks?
COVID Update: Which businesses, activities have been traced to outbreaks?
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