President Biden has told former President Barack Obama that he plans to run for re-election in 2024.

"[Biden] wants to run and he’s clearly letting everyone know," a source with knowledge of the conversation told The Hill.

The source added that Biden believes he is the only candidate who can beat former President Donald Trump in a hypothetical rematch between the two political rivals, which was largely the reason Biden was able to secure the Democratic nomination in 2020.

"I believe he thinks he’s the only one who can beat Trump. I don’t think he thinks there’s anyone in the Democratic party who can beat Trump and that’s the biggest factor," the source said.

But Biden's prospects for victory in 2024 have been in doubt in recent months, with the president seeing worsening approval ratings since August of last year. The latest Quinnipiac University put Biden's approval at a dismal 33%, the lowest mark of his presidency thus far.