The Independent TD, Mr Tony Gregory, is expected to become a candidate in next year's elections to the European Parliament, fighting mainly on an anti-drugs and organised crime platform.
His entry to the race would put increased pressure on Left candidates in the four-seat constituency - Mr Proinsias De Rossa of Democratic Left, Ms Bernie Malone of Labour and Ms Patricia McKenna of the Green Party.
"I am giving very serious consideration to standing for Dublin in the European elections on the issues I have been involved in, particularly opposing drugs and crime", Mr Gregory told The Irish Times yesterday.
Drugs and crime were now "European issues" but had not been "progressed" by Irish politicians in Europe with the seriousness they demanded, he said.
"I will be consulting with people who have supported me over the years to see how best to progress an election campaign," Mr Gregory added.
However, he expressed "apprehension" at the financial burden of organising a campaign on the scale necessary to compete with the main political parties in a constituency as large as Dublin.
Mr Gregory was first elected to the Dail in February 1982 and came to national prominence after he secured a deal for the inner city in return for supporting the then Taoiseach, Mr Charles Haughey, in 1982.
It is believed his candidacy in next June's elections would pose a considerable challenge to a number of prospective contestants. The Democratic Left leader, Mr De Rossa, whose party is preparing to merge with Labour, has already declared his intention to seek election on the same ticket as Ms Malone.
A series of polls, due to be conducted in the huge Dublin constituency from Christmas onwards, should provide all the hopeful candidates with a clearer indication of their prospects.