Bush, who was in New Orleans for his annual youth football camp, said the NFL lockout was muddling the picture as he looked forward to a season in which he stands to make $12 million.
"We have to take care of the lockout first and we'll take care of Reggie after that," Bush said.
The (New Orleans) Times-Picayune said renegotiating would undoubtedly mean a pay cut for next season, but at the same time he would remain with the Saints for a few more years.
"That's something that me and my agent and the Saints have to collectively come together and talk about and just come to a happy medium," Bush said. "Obviously there's going to have to be some type of pay cut and some type of renegotiation and we'll do the best we can to come to a happy meeting point."
Bush's future in the Big Easy was the subject of increased speculation when the Saints grabbed running back Mark Ingram of Alabama in the first round of the NFL draft.
Bush's football camp was held at Tulane University, the same locale as informal workouts Saints players have been holding since the lockout began. Bush said he had yet to attend and would probably only do so sparingly