The 2008 Republican vice presidential nominee told a radio audience that supporters are asking her to consider challenging Sen. Mark Begich, a Democrat, for Alaska's open Senate seat, The Hill reported.
Palin said she has a "heart for service" and would consider returning to politics if she could "help the cause."
Alaska's Republican Lt. Gov. Mead Treadwell and 2010 GOP nominee Joe Miller have both announced they will challenge Begich.
A spokesman for the National Republican Senatorial committee told Politico that the panel will meet "with any Alaskan interested in challenging Mark Begich."
Palin stressed the importance of getting "new blood" into politics when she was a guest on Sean Hannity's radio show Tuesday.
"Ted Cruz needs reinforcements," she said referring to the conservative freshman senator from Texas.
Palin said she won't stop until we have a government that works for the average American and not against them.