Earl Gibson III/Getty
August 24, 2015 12:15 PM

Vice President Joe Biden might soon be announcing a bid for the presidency in 2016, especially if he can pull together a campaign this late in the game, people close to the matter told the Wall Street Journal.

While his decision – expected this summer – could go either way, he appears to be weighing political, financial and familial considerations at the moment. Biden’s eldest son, Beau, who passed away from brain cancer in May, urged his dad to run for the Democratic nomination.

Talks about a possible run were a key feature on a recent trip to South Carolina and at his home in Delaware last week, the WSJ reports. He also met quietly in Washington with Massachusetts Sen. Elizabeth Warren, a Democratic darling, a potential sign that Biden, 72, might toss his hat into the ring, according to one of his supporters.

Kendra Barkoff, spokeswoman for Biden, tells PEOPLE exactly what she told the WSJ: “The Vice President has not made a decision about his political future. Anyone speculating that he has made a decision is wrong.”

If Biden were to run for president, he’d have to work his way up the ranks. Right now, Hillary Clinton, 67, appears to be the Democratic front-runner. Clinton declared her campaign four months ago.

A Franklin Pierce University/Boston Herald poll, released on Aug. 11, put Vermont Sen. Bernie Sanders, 73, ahead for the very first time, though that was just for one poll and only in New Hampshire.

Biden, the former U.S. senator from Delaware, has run for president twice before – once in 1988 and again in 2008, when he accepted then-Senator Barack Obama‘s vice presidential nomination.

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