"I prefer that another person enters the race, but if the society and political figures reckon that I can do a better job, I am ready to run in the next presidential elections," the Iranian News Agency, IRNA, quoted Rafsanjani as saying.
"I will announced my final decision in due time since there are still several months separating us from the elections," he added.
The Iranian presidential election is scheduled for June.
Rafsanjani, a former two-term president, is currently chairman of the powerful Expediency Council as well as a deputy chairman of the Assembly of Experts.
The Expediency Council arbitrates in disputes between the Majlis, Iran's parliament, and the Guardian Council, which can block legislation. The Assembly of Experts appoints the Supreme Leader, currently Ayatollah Ali Khamenei.