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U.S. President Joe Biden is expected to make his bid for a second term as president official next week, Fox News said on Thursday, citing reports.

Biden, 80, and his team are hoping to make the announcement via campaign video on April 25, which will be the four-year anniversary of his 2020 campaign launch, multiple reports said.

Speculation swirled for months over whether Biden would run for re-election, with his team only saying he "intendeds to run," but not making any other statements in the affirmative. He said last week, however, that an announcement about his potential candidacy would come "relatively soon."

Biden sent out exclusive invitations to some of his top donors from the 2020 campaign this week, asking them to attend a hastily-planned event at the White House, according to The New York Times.

If he wins re-election, Biden, who is currently the oldest president in U.S. history, would be 86 at the end of his second term in 2029.

The reports come as Biden is struggling in the polls among Democratic voters, nearly half of those in the early primary state of New Hampshire don't want him to run for re-election.

Biden is currently facing Democratic primary challenges from spiritual guru Marianne Williamson and environmental lawyer Robert F. Kennedy, Jr.

He is facing an even more crowded field from the other side of the aisle as Republican candidates continue to line up to challenge former President Donald Trump's front-runner status for the GOP nomination.