President Joe Biden is teaming up with former Presidents Barack Obama and Bill Clinton to court wealthy donors, aiming to solidify his position among two-term Democratic presidents, according to CNN.

The trio will headline a major fundraiser at New York's Radio City Music Hall, the largest fundraising effort this Biden reelection cycle.

The event, moderated by Stephen Colbert, will feature discussions among the presidents.

Ticket prices range from $225 to $500,000, offering guests the chance to be photographed with the presidents by Annie Leibovitz.

Over 5,000 donors, including celebrities like Queen Latifah and Lizzo, are expected to attend.

While not televised, pool reporters will cover the remarks. This rare gathering highlights the significance of Biden's campaign in the face of former President Donald Trump's influence.

However, Jimmy Carter, due to health reasons, will be absent from the event.

READ NEXT: Obama Partners with Biden in Efforts Against Trump 

Biden's Fundraising Surge Signals Financial Edge Over Trump

President Joe Biden is set to bolster his financial lead over former President Donald Trump through a high-profile fundraising event, potentially overshadowing Trump's February fundraising figures, Politico reports.

With a significant polling deficit to bridge, Biden's campaign, alongside the Democratic National Committee, boasts a substantial $97.5 million cash reserve, far outstripping Trump and the Republican National Committee's $44.8 million.

Meanwhile, Trump faces mounting legal expenses.

Biden's strategic accumulation of funds is evident as he plans a $30 million advertising blitz for spring.

The Impends fundraiser, expected to surpass previous records, highlights Biden's fundraising prowess.

In contrast, Trump's reelection campaign raised $21 million in February.

Co-chair Jeffrey Katzenberg sees the event as a reflection of Biden's momentum, with funds allocated towards crucial voter outreach.

This fundraising surge aims to convey Biden's achievements, vision, and the election's pivotal stakes.

Political Dynamics and Campaign Strategies on Display in New York Appearances

Former President Donald Trump attended a wake for a slain New York City policeman while in the area amid his campaign against Joe Biden for the November election, USA Today noted.

Biden, aged 81, faces scrutiny over his age and fitness for a second term, with recent polls showing a close race with Trump, aged 77.

A Trump campaign adviser acknowledged the fundraising gap compared to Biden, attributing it to Biden's wealthy supporters and emphasizing Trump's grassroots, working-class base.

Barack Obama's role in the 2024 contest sparks discussion, with a focus on his popularity relative to Biden within the party.

Democratic operatives aim to downplay divisions between Obama and Biden, emphasizing Obama's advisory role.

Obama highlights the significance of the Affordable Care Act in campaign messaging, joining Biden in marking its 14th anniversary.

Democratic strategist Jim Messina underscores the contrast between Trump and Biden, echoing Obama's perspective on presidential reflections.

White House press secretary Karine Jean-Pierre affirms shared goals for economic progress and protecting freedoms among Joe Biden, Barack Obama, and Bill Clinton.

READ MORE: Biden Mocks Trump's 'Mental Health' at Washington Dinner 

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Written by: Ross Key

WATCH: Biden holding 'historic' fundraiser with Obama, Clinton and more tonight - From MSNBC