During the 2012 cycle, the group raised nearly $80 million and led attacks on GOP presidential nominee Mitt Romney.
The report indicates the group will carve out a different niche than an already launched pro-Clinton super-PAC, Ready for Hillary, which has also begun preparations for her potential bid.
Priorities USA Action would raise seven-figure checks and produce and launch expensive ad campaigns, while Ready for Hillary is expected to continue organizing grassroots support. A Ready for Hillary spokesman declined to comment on the report.
While two former Obama aides launched Priorities USA Action, it maintains ties to the Clintons as well. One of those aides, Sean Sweeney, continues to head up the PAC and formerly worked as a legislative assistant for Clinton when she was a senator.
Paul Begala, a longtime Bill Clinton ally and a political counselor in his White House, Harold Ickes, a Clinton adviser, and Geoff Garin, a strategist on Hillary Clinton's 2008 campaign, all advise Priorities USA Action.
Clinton has not yet indicated her plans for 2016, but Democrats expect her to run, and believe she'll likely clear the Democratic field if she enters the race.