The NFL Network reported Favre and Packers General Manager Ted Thompson had agreed the veteran quarterback would delay his reinstatement until the club could decide how to handle the situation.
Since no trade has been arranged, if NFL Commissioner Roger Goodell approves the reinstatement, Favre can report to Packers training camp in Green Bay, where Aaron Rodgers is working as the starting quarterback.
If the Packers don't find a suitable trade then Favre would serve as a $12 million backup to Rodgers, who has thrown for only 329 yards and one touchdown in three seasons as Favre's understudy.
Thompson, at a Monday news conference, said trade discussions to this point were "kicking of tires type conversations." He said Green Bay would not consider dealing Favre, who announced his retirement March 6, to a division rival.