Forbes, who oversees the financial magazine that bears his family name, will formally make his second bid for the presidential post on Tuesday on the Internet, he told a gathering of Silicon Valley executives last night.
In 1996, Forbes finished fourth during the Republican primary.
The pending announcement comes as no surprise, given Forbes has already hired some key political advisers.
Meanwhile, Republican candidates that have either announced or are expected to announce their presidential candidacy include Texas Gov. George Bush, former Vice President Dan Quayle, and former U.S. Transportation Secretary Elizabeth Dole.
In the past, Forbes has expressed his opposition to Internet taxes, citing concerns that they would slow the development of the industry.