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Mr. Trump’s position was soundly rejected by the Supreme Court last month, but it said he could return to the lower court in Manhattan, where he first sued to block the subpoena, and raise new arguments.

In a recent hearing, Mr. Vance’s office told the judge, Victor Marrero of Federal District Court, that Mr. Trump was just dragging out the legal fight in order to effectively shield himself from criminal investigation.

“What the president’s lawyers are seeking here is delay,” Carey R. Dunne, a lawyer in Mr. Vance’s office, told Judge Marrero. Mr. Dunne said that the longer Mr. Trump fought the case, the greater the chance that the statute of limitations would expire for any potential crimes that might have been committed, effectively granting the president immunity.

“Let’s not let delay kill this case,” Mr. Dunne argued.

Jay Sekulow, a lawyer for the president, denied after the hearing that Mr. Trump’s lawyers were pursing a strategy of delay. “Our strategy seeks due process,” Mr. Sekulow said in an email at the time.

Mr. Cohen, who pleaded guilty to federal campaign finance violations for his role in the payments, is serving a three-year prison sentence in home confinement in his apartment in Manhattan.

If Mr. Vance succeeds in eventually obtaining Mr. Trump’s records, they are unlikely to become public anytime soon because they will be shielded by grand jury secrecy rules. The records might only emerge later if criminal charges are brought and the records are introduced in a trial.