"In my heart, I'm confident that I could make a good president," he said on NBC's "Today." "It's a very different decision to decide whether or not to run for president."
He said there was "plenty of time" to decide.
"I've not made a decision to run and I've not made a decision not to run," he said.
Biden said his focus now is helping President Obama improve employment rates and other administration priorities as outlined Tuesday in Obama's State of the Union address.
"They are the very things I'd be doing whether I was running for president or not running for president," he said.
In his address, Obama said he wanted to work with the U.S. Congress but wouldn't be afraid to exercise his executive authority if need be.
"We're ready to work with the Congress" on numerous issues, Biden told NBC News.
Biden also discussed security concerns surrounding the Winter Olympics in Sochi, saying Russian organizers were "using every tool at their disposal" to keep the event safe. He also encouraged Americans going to the games to follow the State Department's travel advisory guidelines.
Biden expressed confidence about security efforts and would feel comfortable if his family members attended the Games.
"Sure I'd send my own family, with the same caveats, to make sure they were vigilant, make sure they kept their eyes open, register with the State Department and pay very much attention to their surroundings," he told NBC News.
Biden also addressed criticism leveled against him by former Defense Secretary Robert Gates in his memoir in which Gates wrote Biden was wrong on many foreign policy issues for decades.
"Bob Gates and I have disagreed on almost every major foreign policy since Vietnam," Biden said. "I'll let the American public judge who's been right or wrong, Bob Gates or me, and history will judge ultimately who was right or wrong, but he's a fine man."