That would break Obama's record of $745 million, the LA Times reports, setting a new precedent for the top American office:

"Obama aides are keen to lock in the support of well-connected donors who bundled, or collected, contributions in 2008 — more than 500 wealthy individuals who together raised at least $75 million, according to data from the nonpartisan Center for Responsive Politics."

Obama appointed several of his top fundraisers to ambassorships in 2008, leaving him without some key players.  It may not matter, as the incumbent heads toward his reelection campaign with rising popularity and no clear Republican challenger. 

Familiar GOP faces are expected for 2012: Mitt Romney, Sarah Palin and Mike Huckabee are creating their strategies and raising funds of their own.  David Axelrod, Obama's campaign architect, has already identified Romney as the man to beat.

Romney, a multimillionaire in his own right, told donors last week he'll be entering the race "down the road." 

Nate Silver at FiveThirtyEight has predicted that Obama is in shape to win the election, though only now that his approval rating has bumped back near 50 percent following the Tucson shootings.