The ex-Ukip leader said he could stand as a candidate in South Thanet after Theresa May announced her plans to call a snap election on June 8.
He said his decision would depend on where he could have most influence over Brexit proceedings.
Speaking during his radio slot on LBC, he said: "Where best could I serve Brexit? Could I serve it by running and trying to win that south Thanet seat, or could I serve it best by continuing where I am, leading a group in the European Parliament?"
Nigel Farage said he will consider standing in the General Election
The Ukip MEP told his listeners he would need more time to consider his options, adding: "I haven't decided yet. I will spend the next couple of days working it out."
The Prime Minister's announcment came as a surprise to Nigel Farage as he told his listeners he was on a plane when Mrs May made her speech.
Ukip’s current leader Paul Nutall earlier said he would expect Mr Farage to stand.
He told Channel 4 News: “I suspect Nigel Farage will stand.”
If Mr Farage is to stand, this will potentially mark his eighth attempt to secure a parliamentary seat.
In 2015, he lost out to the South Thanet seat in Kent, receiving 32.4 per cent of the vote.
Mr Nuttall said he believed Ukip could win a “handful” of seats in June.
He told the Daily Telegraph Mr May’s decision to call a snap election was a “cynical decision driven more by the weakness of Corbyn's Labour Party rather than the good of the country”.
Mr Nuttall added: “We are in the midst of Brexit negotiations so this election will provide a perfect opportunity for the 52 per cent to vote for Ukip, the only party wholeheartedly committed to a clean quick and efficient Brexit,” he added.
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