He is also expected to take credit for gains Republicans are expected to make in the midterms.
Mr Trump himself indicated he will "very probably" run again.
“And now, in order to make our country successful and safe and glorious, I will very, very, very probably do it again,” Mr Trump said of a 2024 presidential run during a rally in Iowa on Thursday.
“Get ready, that's all I'm telling you, very soon. Get ready.”
Mr Trump was speed-dialling confidantes to hash out possible scenarios as he looks to benefit from expected Republican wins in Tuesday's midterm elections, the report said.
“I think, like a moth to a flame, Trump will run in 2024,” one senior adviser told Reuters.
“I think that he wants to run and announcing before Thanksgiving gives him a great advantage over his opponents and he understands that.”
Advisers told Reuters it was possible the former president could still delay a decision or change his mind.
A representative of Mr Trump did not respond to a Reuters request for comment.
Non-partisan election forecasters and polls say it is highly likely Republicans will win a majority in the US House of Representatives and also have a chance at taking control of the Senate, which would give them the power to block President Joe Biden's legislative agenda for the next two years.
Mr Biden's public approval rating has been below 50 per cent for more than a year, coming in at 40 per cent in a recent Reuters/Ipsos poll.
But Mr Trump is also unpopular after his divisive four-year term that ended with the January 6 assault on the US Capitol by his followers last year and his continued false claims that his election defeat was the result of fraud.
Mr Trump faces a series of investigations, including a Justice Department inquiry into classified documents he took from the White House after leaving office, some of which prosecutors say have not yet been recovered.
The Reuters/Ipsos poll late last month showed that only 41 per cent of Americans view Mr Trump favourably.