(AP) - Mayor Michael Bloomberg will reportedly seek a third term next year.

The New York Times is reporting on its Web site that the mayorwill seek to revise the city's 15-year-old term limits law thatrestricts officeholders to two terms.

The plan comes amid a Wall Street crisis that has dealt aserious blow to the city's economy. The Times report, citing threepeople close to the mayor, says that the billionaire former CEOwants to stay in office to deal with the crisis.

Bloomberg has long been a staunch supporter of the term-limitslaw, but has hinted that he'd be willing to overturn the measure inrecent months.

Bloomberg officials did not return calls seeking comment.