Story highlights Former New York City Mayor Michael Bloomberg has reportedly told advisers to work on plans for an independent campaign for president

A source familiar with Bloomberg's thinking said aides to the three-term mayor are looking at ballot access issues

Washington (CNN) Former New York City Mayor Michael Bloomberg is seriously considering a possible independent presidential run and is looking at making a decision sometime in March, two sources familiar with Bloomberg's thinking told CNN on Saturday.

One source said aides to the three-term mayor are looking at ballot access issues, but the source refused to speak specifically about what Bloomberg, 73, asked to be done.

The source added that Bloomberg sees the Republican and Democratic presidential races as becoming increasingly polarized, and neither fits Bloomberg's views. But Bloomberg, who has flirted with Oval Office aspirations in the past, is serious about a possible candidacy, the source insisted.

A decision will have to be made by the first week of March, likely before it's clear who the Democratic and Republican nominees are, because of the process to get on ballots for the November election.

A spokesman for the former mayor declined to comment.

Read More