The phrase "looming possibility" means that something may happen or occur soon and it feels like it's getting closer and more likely to occur. Full definition
Also, never forget the ever - looming possibility of a devaluation. (travelingformiles.com)
Ponzo believes business schools must prepare students for the hard truth that entrepreneurship is tough, and failure is always a looming possibility. (fortune.com)
Stocks fell across the board Wednesday as the year's final fiscal quarter opened to a market sell - off spurred by concerns over mounting global crises, including the first domestic case of Ebola, as well as the looming possibility of an interest rate hike. (fortune.com)