The decision to convene a grand jury appears to indicate that the Manhattan District Attorney Cyrus Vance hopes to move towards bringing charges as a result of his two-year investigation.
The grand jury is set to sit for three days a week for six months, according to the newspaper, and will likely hear matter beyond just the Trump Organization probe during that time.
A spokesman for Vance refused to comment when contacted by AFP.
"This is purely political, and an affront to the nearly 75 million voters who supported me in the Presidential Election, and it's being driven by highly partisan Democrat prosecutors", the former president said in a statement.
U.S. prosecutors can refer important cases to grand juries.
But in his blog Tuesday, Trump accused prosecutors of targeting him for the Russian Federation investigation, which has nothing to do with the case in NY.
According to the Associated Press, one source says Vance's investigation into Trump involves "a variety of matters such as hush-money payments paid to women on Trump's behalf, property values and employee compensation".
After subpoenaing records from Trump's accounting firm Mazars in August 2019, Vance wrangled with Trump's lawyers for their client's financial records up to the Supreme Court of the United States, twice.
CNN has reached out to the Trump Organization for comment.
Investigators suspect the Trump Organization may have artificially inflated and reduced the value of assets, particularly several properties in NY state, to either get bank loans or reduce their taxes.
Trump also suggested New York officials should have higher priorities, writing, "New York City and State are suffering the highest crime rates in their history, and instead of going after murderers, drug dealers, human traffickers, and others, they come after Donald Trump".
The Trump Organization's longtime chief financial officer Allen Weisselberg has been named in multiple reports as a pressure point, eyed by Manhattan prosecutors as someone who could potentially cooperate against the former president.
Cable Car Disaster In Italy Kills 14
Among the other victims were an Italian researcher, Serena Consentino, and her Iranian-born companion, Mohammadreza Shahaisavandi. The cable vehicle collapsed around 300 meters from the summit of the Stresa-Mottarone line in Piedmont, local media said.