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
Where best could I serve Brexit? Could I serve it by running and trying to win that south Thanet seat?
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.
Farage was on a plane when Theresa May made her speech Politicians react as Theresa May calls snap general election on June 8 Tue, April 18, 2017
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UK Prime Minister Theresa May has announced her intention to hold an early general election on June 8
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Theresa May has called for a snap general election
Theresa May announced her decision to call a snap election today
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.
Paul Nuttall said Ukip will gain a handful of seats in the June election
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.