The 46-year-old Scot was handed a wild card to the tour last May, along with Steve Davis, but has yet to take up the opportunity to return to action.
He has commercial commitments, meaning he spends much of his time in China, and is also a BBC expert at snooker tournaments.
But Hendry, who holds the modern era record of seven world titles, has confirmed he could be tempted back to the table.
He retired in 2012, after a Crucible quarter-final defeat to Stephen Maguire, and would need to win a series of qualifying matches to make the main draw at the World Championship.
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He told BBC Radio 5 Live: “I am still not decided about the World Championship. There is an option there for me to play in it but I am not just going to turn up and play for a publicity stunt.
“I will only play if I think I can play well and do myself justice, but I would need to start practising a month before.”
Hendry added: “There’s a lot of snooker that I’m watching and it’s not a great standard and I’m thinking I should still be playing.”
Hendry has seen his long-standing record of 775 career centuries surpassed by Ronnie O’Sullivan during the ongoing Masters at Alexandra Palace.
O’Sullivan is still two short of Hendry’s landmark world title haul though, and Hendry said: “That’s the one I’d really like to keep because if Ronnie doesn’t do it, I can’t see anyone else doing it.”
Jokingly, Hendry added: “I’m hoping he retires soon.”
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