According to The Washington Post, two anonymous sources who are "familiar with the development", said the panel was recently convened and will sit for three days a week for six months.
At the time, the prosecution did not identify the center of its investigation, but news reports on Trump's business practices a year ago made it clear that there was a "legal basis" for claiming tax revenue, "not denied".
In February, Trump said the probing by James and Vance Jr. was a witch hunt and denied any wrongdoing, calling the investigation a "new phenomenon of "headhunting" prosecutors and AGs".
The latest move comes two years after the Manhattan district attorney's office first launched an investigation against Trump that included obtaining the former president's tax records and reviewing claims that he made hush-money payments to women, including Stormy Daniels, to remain silent about alleged affairs with him.
The new grand jury may eventually be asked to consider returning the indictment.
The Democratic prosecutor has been using an investigative grand jury through the course of his probe to issue subpoenas and obtain documents.
Belarus accused of grounding plane to arrest prominent opponent authoritarian president
She stood against Mr Lukashenko in presidential elections, which she says she would have won had they been free and fair. Mr Pratasevich, who had fled the country for Poland, faces charges that could carry a prison sentence of up to 15 years.
A spokesman for Vance refused to comment when contacted by AFP.
"This is purely political, and an affront to the nearly 75 million voters who supported me in the Presidential Election", he continued, "and it's being driven by highly partisan Democrat prosecutors".
Investigators suspect the Trump Organization may have artificially inflated and reduced the value of assets, particularly several properties in NY state, to either get bank loans or reduce their taxes.
Vance refuses to run for reelection and will resign at the end of the year.In other words, the Trump case Likely to be passed on to his successor in any kind of way.
Mr Trump lashed out against the grand jury proceedings. Next month's election is nearly certain to decide who it will be.
The prosecutor's office has deposed several Trump Organization officials, including the former president's son Eric Trump and Chief Financial Officer Allen Weisselberg. His former daughter-in-law, Jen Weisserberg, is cooperating with both inquiries.
Allen Weisselberg was subpoenaed in James' civil investigation and testified twice a year ago.