At a rally in Iowa, ahead of the state’s mid term elections next week, Mr Trump said he would consider a third bid for the White House.
"And now, in order to make our country successful and safe and glorious, I will very, very, very probably do it again,” he told supporters. "Get ready, that's all I'm telling you, very soon. Get ready."
In response, the crowd erupted in applause and chants of “Trump! Trump! Trump!”
Mr Trump was in Iowa to support the campaign of 89-year-old senator Chuck Grassley, an Iowa Republican seeking an eighth consecutive six-year term.
Sources quoted in the US media have claimed Mr Trump is likely to formally announce plans to run for president after Tuesday’s elections are concluded.
The controversial president was last month issued with a subpoena by a committee investigating an attack on the US Capitol in Washington DC in January last year.
Lawmakers say the former president was the “central cause” of a co-ordinated, multi-part effort to overturn the results of the 2020 election.
The nine-member panel issued a letter to Mr Trump’s lawyers, demanding his testimony under oath by November 14 and outlining a request for a series of corresponding documents, including personal communications between the former president and members of Congress as well as extremist groups.
It is likely, however, the Republican Party will take control of the House of Representatives – and could end up controlling the Senate – following the midterm elections. If that happens, President Joe Biden is likely to struggle to pass any of his legislative agenda over the final two years of his term in office.
Mr Biden's public approval rating has remained below 50 per cent for more than a year, while fears over high inflation and a cost-of-living crisis has hit support for the Democrats.
Mr Biden tried to persuade voters at his own rally in New Mexico the government’s economic strategy was performing well.
“The economy is up, price inflation is down, real incomes are up, gas prices are down and need to come down further,” he said. “The American people are beginning to see the benefits of an economy that works for them,” he added, while conceding “a lot of Americans are still in trouble”.
At the rally, Mr Trump performed a conversation with Senator Grassley, where the pair attacked Mr Biden for dividing the country. Mr Trump praised Mr Grassley’s energy – as well as the green John Deere hat he wore for the event.
“You’re unbelievable,” Mr Trump told the senator. “I’m looking at him in that beautiful green hat – he looks like he’s like 40 years old.”
The focus on the campaign trail will this weekend move to Pennsylvania, where Mr Biden and Mr Trump – as well as former President Barack Obama – are set to campaign.