NEW YORK — In order to seek a third term, Mayor Michael Bloomberg has to circumvent a term-limits law, convince a previously wary public that such limits are negotiable and then win what could be a three-way race.

But the about-face may not prove as difficult as it sounds for the mayor, who has billions of dollars in the bank and the support of former foes, and could soothe New Yorkers' anxiety about the wavering economy.

"It's going to happen," Baruch College public affairs professor Doug Muzzio said Wednesday about a possible third term for Bloomberg. "He's going to spend whatever it takes to make it happen. ... It's pocket change to him."

Bloomberg was expected to announce his plans Thursday, a day after a person briefed on the matter told The Associated Press that the mayor had decided to abandon his long-standing support for the term-limits law and seek a third consecutive term so he could help the city deal with the crisis on Wall Street. The person spoke on condition of anonymity because the announcement hadn't been made.

Muzzio predicted that Bloomberg will easily get a law passed to allow city officials a third term, with his voter approval ratings remaining above 70 percent for more than two years, apparent majority support in the 51-member City Council and no clear opposition against the term-limit change from Council Speaker Christine Quinn.

Bloomberg, who founded the financial information company Bloomberg LP and whose worth is estimated at $20 billion, won re-election by 20 percentage points in 2005.

A measure already proposed by Councilman G. Oliver Koppell would permanently extend the limit on city officials to three four-year terms instead of two _ a change defeated by city voters in a 1996 referendum.

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One possible hitch to the council's adoption of that measure is billionaire cosmetics heir Ronald Lauder, the chief backer of the city's term-limits law. He told the New York Post this week that he was open only to a one-time exception for city officials currently in office.

Such a one-time deal could make the mayor's campaign vulnerable to possible legal challenge, as well as criticism that he is using his position unfairly to benefit himself, observers say.

While public interest groups and some potential candidates have already begun speaking with lawyers about possibly suing to block any change in the law, Councilman John Liu said Wednesday that he doubted opponents could make a true stand against Bloomberg, who spent $155 million on his first two campaigns.

"I'm not optimistic that the opposition will be that organized," said Liu, who opposes the law change. "This is a game of billionaires."

And a court challenge could prove difficult, legal experts said. New York courts have previously held that legislative bodies have a right to alter voter-approved laws without holding a new referendum, even when they apply to term limits.

Bloomberg would still need to win over voters who told pollsters in July that they wanted him to remain in office, but in response to a separate question also said they opposed extending term limits.

"He'll come under criticism, and probably his vote won't be quite as high as it would otherwise," said Maurice Carroll, director of the Quinnipiac University Polling Institute. "But I don't see any way that he doesn't win."

City Comptroller William Thompson Jr., who is considered one of the leading Democratic contenders for the mayoral race along with Quinn and Congressman Anthony Weiner, said Wednesday that such speculation is premature.

"I don't think that the people of New York City are going to be very happy that their votes in the past on term limits are being disregarded," he said.

Former Mayor Rudy Giuliani, speaking at a Republican fundraiser in Waterbury, Conn., said he doesn't have a problem with Bloomberg's decision to try to change the city's term-limits law and seek another term.

Bloomberg could face a three-way race now that the former Democrat-turned-Republican has declared himself an independent _ a move he made this year amid speculation that he would join the presidential race as a third-party candidate.

Republicans who might challenge Bloomberg include supermarket magnate John Catsimatidis, a billionaire in his own right, and lawyer Bruce Blakeman.

Catsimatidis said through a spokesman that his plans haven't changed, but Blakeman said he would drop out if Bloomberg ran.

As of July 15, Weiner reported raising just over $5 million, Thompson had $4.8 million and Quinn had $3.1 million. Catsimatidis has not yet been required to report on his fundraising.

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Associated Press writer David B. Caruso contributed to this report.