The swimmer, who recently became the most decorated Olympian ever at the London Games, explained that he has heard the show is "fun".
If Phelps did appear in the show, he would be following Olympians such as Natalie Coughlin and Apolo Anton Ohno, who have also competed in Dancing with the Stars.
"I haven't really been known for my dancing," Phelps told Us Weekly. "I've talked to Apolo and Natalie about it, and they said they've enjoyed it and had a blast. I won't say I'm ruling anything out - who knows?"
Phelps also revealed that he would choose Coughlin if he could pick another swimmer to dance with on the show.
"She's gone through it all before and Natalie and I have been on a lot of teams together," he said. "She literally couldn't stop talking about how much fun the show was."
Phelps, who was congratulated by President Barack Obama for his success in the Olympics, is reportedly being pursued by sports broadcasters.
Photo gallery - Record-breaking London 2012 Olympians:
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