Time Magazine has named Donald Trump as their person of the year for the second time.

"For marshaling a comeback of historic proportions, for driving a once-in-a- generation political realignment, for reshaping the American presidency and altering America's role in the world, Donald Trump is TIME'S 2024 Person of the Year," Time Editor-in-Chief Sam Jacobs said in a letter to readers.

The Republican president-elect is set to ring the opening bell at the New York Stock Exchange on Thursday to commemorate the honour alongside several of his family members.

Trump was first named person of the year in 2016 after winning the US presidential election.

The magazine's tradition - which started in 1927 as "Man of the Year" - recognises a person or movement that "for better or for worse... has done the most to influence the events of the year".

Other previous winners include climate change activist Greta Thunberg, former President Barack Obama, Meta CEO Mark Zuckerberg, Pope Francis and Ukrainian President Volodymyr Zelensky.

Time Magazine editors ultimately decide who wins the award.

The outlet was considering 10 people for the person of the year award, including Vice-President Kamala Harris, the Princess of Wales and Tesla CEO Elon Musk, now a close confidante of Trump set to lead an advisory board called the Department of Government Efficiency.

In a description of Trump for the list of finalists, Time said he had won the 2024 election "in a stunning political comeback".

"He has reshaped the American electorate, activating young male voters who propelled him to a decisive victory that saw him win the popular vote for the first time and turn every swing state red," the outlet said.

"His 2024 win is history-making in multiple ways: he will be the oldest President in U.S. history, and he was convicted earlier this year by a New York jury of 34 counts of fraud, making him the first convicted felon to be elected President."

Trump sat for interviews with the magazine in April this year during the campaign season. During the wide-ranging discussions, Trump talked about his plans for a second term, including his goals of reforming the US immigration system and deporting millions of people.

Trump complained in 2015 when he was not chosen for the magazine cover during his first run for office, when the award went to former German Chancellor Angela Merkel.

But after he was named person of the year following his election win, he called it a "great honor".

"It means a lot, especially me growing up reading Time magazine. And, you know, it's a very important magazine," he said at the time.

He has, however, continued to criticise the magazine's choices since winning, including the selection of Taylor Swift as Time's person of the year in 2024.