Ben Ainslie says he would love to compete for a fifth Olympic gold in 2016 but "other challenges and factors" may prevent him from doing so.
Ainslie, 35, became the most decorated Olympic sailor in history with victory in the Finn class at London 2012.
He doubted he would return in Rio 2016, but now says it's a possibility.
"I'd love to be in Rio," he said. "But there are so many other challenges and factors that need to fall into place before I can make that decision."
He added: "The next Olympics are a long way off and the focus is on the America's Cup now.
"But the Olympics have been a huge part of my life and I'd like to be involved in the next Games.
"At this stage nothing has changed, I'm not ruling anything in, or anything out."