Kanye West withdrew his support for current U.S. President Donald Trump after he announced his plan to run for president in 2020 under a new banner.

West, previously a vocal ally of Trump, revealed that he will no longer be his supporter as he had entered the presidential race against him. He alluded to Trump's signature "Make America Great Again" red baseball cap when he told Forbes that he is "taking the red hat off."

"Like anything I've ever done in my life. I'm going to win," the rapper said in an exclusive phone interview with Forbes Chief Content Officer Randall Lane.

West has 30 days to finalise his decision to run for U.S. president. He said he has the COVID-19 pandemic as his reason if ever he misses the filing deadline in most states.

The 43-year-old entrepreneur outlined his plans for his presidential bid and revealed that he has been "speaking with experts." He said he also wants to discuss his decision with Ivanka Trump's husband Jared Kushner, Joe Biden and the White House.

West has no specific campaign plans laid out yet, but he is relying on his supporters for guidance; one is his wife Kim Kardashian and the other is Tesla founder Elon Musk.

"We've been talking about this for years," he said of Musk's support.

West initially planned to run for president in 2024 but that has since changed. He is more than determined to do it this year under a new slogan: "YES!" and a new banner: "The Birthday Party." When asked why he chose the banner, he explained: "Because when we win, it's everybody's birthday."

As for his running mate, West chose Michelle Tidball, a preacher from Wyoming. He also revealed that he "would run as a Republican if Trump wasn't there" and "as an independent if Trump is there."

"Let's see if the appointing is at 2020 or if it's 2024—because God appoints the president. If I win in 2020 then it was God's appointment. If I win in 2024 then that was God's appointment," he said of how the U.S. presidential race will be decided.

West broke the internet on Sunday when he announced his decision to run for U.S. president in a tweet. He called it his "#2020VISION."

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Kanye West will run for U.S. President against Donald Trump in 2020. Drew Angerer/Getty Images