In a move to accommodate Mayor Michael Bloomberg’s intentions of four more years in City Hall, the New York City Council is poised for a big vote Thursday on the term-limits bill.

The voting will have a direct effect on the future of Bloomberg, who is attempting to change city law, so that he can have the chance at a third term.

The term-limits proposal has caused a contentious debate ever since Bloomberg’s announcement of seeking re-election three weeks ago, amid increasing turmoil on Wall Street. The founder of the multibillion-dollar financial data firm Bloomberg LP, argued that he is uniquely qualified to lead the city through the long-term effects of the financial crisis due to his business background.

Despite a last-minute court challenge, seeking to prevent the 51-member body from voting, the council plans to go ahead with the move. While twenty-one members say they will vote against the proposal, and 18 say they will support it, the rest have not publicly stated their position.

Council Speaker, Christine Quinn, expecting to gain the required number of 26 votes for passing the bill she supports, has put the vote on the agenda. Opponents say voters, and not the council, should decide the issue, since they passed a term limiting referendum in the first place.

All opposition withstanding, Quinn said she was “very optimistic” the legislation would pass.

Bloomberg has said there is not enough time for a voter referendum, given that the next mayor’s race is next year. Apprehensive that the turnout would be too low in a special election, he said that such a move would create the potential for legal problems.