Yang, an American entrepreneur and philanthropist, is not expected to announce his bid until next month, as first reported in the New York Times.
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.
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.
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