Trump says he'd be 'happy' to run against Bloomberg for president

At the same time, Trump said Bloomberg "will spend a lot of money" and "fail."

"I'd be happy. There’s nobody I’d rather run against than little Michael, that I can tell you," Trump told reporters as he left the White House for a trip to Georgia.

"I've known him for a long time. He's said a lot of great things about me," he continued.

"He'll spend a lot of money. He doesn't have the magic to do well. Little Michael will fail." Trump said.

ABC News confirmed Thursday that the former New York City mayor was eyeing a presidential bid.

Bloomberg was planning to submit his name for the Democratic presidential primary in Alabama on Friday, the deadline to do so.

He has not decided whether to run for president but is back to actively considering it and is taking this step to keep his options open, ABC News reported..

This is a developing story. Please check back for updates.