The mayor refused to answer questions as he left his home Wednesday morning.

The current term limit law has been approved by voters twice in 1993 and 1996. It prevents the mayor and other city politicians from seeking a third term.

Surveys say the majority of voters want to maintain term limits, but a majority of City Council members have expressed support for changing the law.

Public opinion is shifting as well. In an open letter that's appearing in Thursday's major newspapers, more than two dozen prominent citizens and businessmen, including Time Warner Chairman of the Board Richard Parsons, former Secretary of State Henry Kissinger and David Rockefeller, will call on the City Council to back the mayor's plan.

The letter organized by the Partnership for New York City reads in part, "As employers, investors and citizens of New York, we call upon the New York City Council to extend term limits in order to give New Yorkers the opportunity to vote for whomever they think can do the best job during these tough economic times, including our current Mayor."

It's an about-face for Bloomberg, who has long supported term limits, and in 2002 vetoed a bill that would have extended term limits for some officials.

But, according to reports, the desire to lead the city through the current economic crisis led to Bloomberg's change of heart.

The bill reportedly being tossed around would allow for those currently in office to serve three terms instead of two. A permanent change would require voter approval.

On Wednesday, the mayor spoke with Council Speaker Christine Quinn, who will need to introduce such legislation to the council.

They are expected to meet again later this week or early next week to discuss legislation that would allow elected city officials to run for a third term.

The speaker did not give a public position, and her spokeswoman said in a Wednesday statement, "Speaker Quinn takes that announcement seriously and will be discussing its legislative implications with her colleagues."

Next Monday, she is expected to talk about the politically thorny issue with members at a Democratic caucus meeting.

Insiders say there are enough votes to pass the controversial legislation, but according to a survey of all 51 council members, there are a number of concerns.

Six members said they would vote for extending term limits, but 12 said they would not. Another 12, including Quinn, were undecided.

The remaining 21 members were either unreachable or did not respond to NY1.

Many elected officials, including those facing unemployment when their terms expire next year, spoke out in favor of Bloomberg's alleged proposal.

"I'm in favor of the extension," said Bronx Councilman Joel Rivera. "I've been clear for the last two years that term limits are undemocratic. They don't allow the public to decide who it is they want in or out of office."

"I've always said it was time to revisit this whole notion of limiting people's right to chose the candidates they want," Manhattan Borough President Scott Stringer concurred. "If people want to vote for Mayor Bloomberg, for or against anybody else, they probably should have the opportunity to do that."

"I've never supported term limits. I think it makes sense to extend them, but not this way," added City Councilman John Liu of Queens. "The term limits were enacted by referendum and confirmed by another referendum. So if we are going to tinker with this law, it should go back to the people."

"It sounds like, it smells like a back room deal," said Brooklyn Councilwoman Letitia James.

City Comptroller Bill Thompson is among those with plans to run for mayor next year.

"I think for the mayor or for the members of the City Council to vote something that benefits them is self serving," said Thompson. "Let's be blunt. It's a terrible idea done throughout the City Council. Go back to the people of New York City and ask them and it can be done. You can put a special election on the ballot go back to the voters and ask them what they think."

Former Mayor Rudolph Giuliani weighed in, as well – expressing support for modifying term limits. However, he was more cautious on whether Bloomberg himself should run.

"Personally I've always thought three terms would be a good limit, rather than two," said the former mayor. "That's my own personal feeling, maybe even supported it at one time or another. But you do have the people saying twice what they want. On the other hand, we have a very good mayor and a very difficult time, and I want to hear Mike's thinking on it before I say something on it and act prematurely."

Support for the mayor's reported decision includes some notable newspaper editorials.

The Daily News says "New Yorkers will jump at the chance" for a third Bloomberg term, while the New York Times calls on the City Council to do away with term limits all together.

The editorial says term limits take away the voter's right to choose the best candidate. The Times argues that the law should be abolished all together – not just to extend Bloomberg's career, but for the sake of democracy.

School Chancellor Joel Klein, like the mayor's top cabinet officials, also kept quiet.

"Well we'll wait and see what the mayor does, right," said Klein. "The mayor will decide in his time how to deal with this and then we'll wait and see."

Current city law will force Bloomberg from office at the end of next year, as well as the city comptroller, two-thirds of the City Council and the city's public advocate.