One of President Biden's strongest allies is reportedly growing concerned about his prospects of winning re-election in 2024.

According to a Wall Street Journal report published over the weekend, former President Barack Obama is among those on the left who fear a return of a Republican presidency which, if current polls stand, would appear to indicate a second term for GOP frontrunner Donald Trump.

Obama "knows this is going to be a close race" and "feels that Democrats very well could lose," the report stated, noting the information came from a person "familiar with his [Obama's] thinking."

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Barack Obama

Former President Barack Obama speaks in support of Democratic presidential nominee Joe Biden during a drive-in rally at the Florida International University on November 02, 2020 in Miami, Florida. (Joe Raedle/Getty Images)

The former president also reportedly worries that the alternative to Biden on the Republican side would be "pretty dangerous for democracy."

Weighing in on the subject Monday on "Outnumbered," Fox News anchor Bill Hemmer said he believes the Obamas will rally in support of Biden come late 2024.

"I think it's entirely too early right now, too. And these numbers are going to change, too," he said of Biden's slipping approval.

Obama's concern coincides with Biden's consistently dismal approval rating and slipping poll numbers in hypothetical matchups with GOP hopefuls.

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Biden and Obama

Former U.S. President Barack Obama and U.S. President Joe Biden arrive at a ceremony to unveil the official Obama White House portraits at the White House on September 7, 2022 in Washington, DC.  ((Photo by Kevin Dietsch/Getty Images))

A recent Fox News poll to gauge the president's approval indicated 57% of registered voters disapprove of his performance while only 43% approve.

Recent Fox polls also show Biden trailing behind two top Republican contenders, Donald Trump and former U.N. Ambassador Nikki Haley, with Haley boasting the largest gap at six points. 

While Biden trails behind Trump by four percentage points, he is deadlocked with Florida Gov. Ron DeSantis, who is also considered among the top three candidates vying for the nomination.

More bad news for Biden came with the release of a Monmouth University poll Monday which saw his approval dip to its lowest yet at 34%. 61%, meanwhile, disapprove of his performance.

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Former President Donald Trump clapping

Former President Donald Trump currently leads the GOP field of presidential hopefuls. (Spencer Platt/Getty Images)

Biden also faces other challenges, including internal turmoil from his own party members who disagree with his handling of the Israel-Hamas war. Americans also remain concerned about the economy and his age and cognitive ability to serve a second term.

"I would say that because of the condition of the economy, the condition of the world, everything's on fire. The usual details might not even matter so much when it comes to how people are making their decisions. It's not a casual decision now because the future seems to be cloudy," said Fox News contributor Tammy Bruce, noting a "trend" emerging in state polling.

"Americans are looking, and we see this trend of people turning, including independents, to Trump, and that's what we saw in 2016 with the last Fox News poll. Hillary was still ahead, but in the tabs, the independents by double digits had moved to Trump. That's when I knew he would win."

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OutKick host Tomi Lahren stressed the importance of former President Obama's support, calling him a "kingmaker" within the Democratic Party in the same way that former President Trump influences Republicans.

"I think this Obama part is more important than maybe we even understand," said Lahren, wondering whether Biden could lose support amid the House impeachment inquiry and his son Hunter's latest indictment. 

Fox News' Paul Steinauser contributed to this report.