Palin told NBC in New York, "I don't know if I'm going to be running yet," before visiting Ellis Island and the Statue of Liberty in her tour of East Coast historic sites.
"I'll decide when the time is right," she said.
Trump, who met with Palin at Trump Tower Tuesday evening and had dinner with her at a Times Square pizzeria, said Wednesday morning on "Fox & Friends," "she'd love me to get back in the race," which he abandoned recently.
But he said they did not discuss running on a ticket together.
Tuesday night, he told The Wall Street Journal Palin was "a great woman" and "I'd love her to run."
Trump aide Michael Cohen said the meeting had "no particular agenda."
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