The former two-term president, who remains hugely influential within the Democratic party, said Mr Biden's path to victory has shrunk significantly, The Washington Post said. It cited multiple people briefed on Mr Obama's thinking.
Leading Democrats have already called for Mr Biden, 81, to stand aside as fears grow Republican rival Donald Trump, 78, could be on course for an election victory in November.
In private calls with anxious Democrats, Mr Obama reportedly said he is concerned polls are moving away from his former running mate and donors are abandoning the President. It follows a disastrous debate performance against Donald Trump last month.
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