Senator David Norris has said he would have to consider standing for the Presidency if Labour offered to support him as an independent candidate.
While the former Trinity College Dublin academic believed this was very unlikely, he said he would be honoured if asked.
"I would say at the moment it's all speculation," he said. "It's extremely flattering that anyone would think of me."
An indepenent senator since 1987, Mr Norris said he had not given the question any detailed consideration.
He said the seven-year term of office was long, and previous incumbents had families to support them in the post.
A gay rights activist, he said he any move to install him as a candidate would be a significant advance for pluralism.
While smaller parties such as the Greens had mooted a possible candidacy in the past, Senator Norris believed the only plausible approach was to stand as an independent with the support of Labour.
Asked about suggestions that the Labour TD, Mr Michael D. Higgins, might run, Senator Norris said he would be a distinguished candidate. "I'd be happy to support him," he said.
Mr Higgins said he had not considered the idea in detail, but did not rule it out. "I have not discussed it with anybody and I haven't given it any real consideration. I thank the people who have contacted me to say they are in favour of the suggestion," he said.
Labour insisted yesterday that it would put a candidate next year regardless of whether the President decided to seek a second term.
Ms McAleese indicated in the US on Tuesday that she would decide early next year whether to seek another term.
She said she relished and loved the job.
The issue was not for discussion at Labour's annual conference this weekend in Killarney, a Labour spokesman said.
Mr Higgins, the party's foreign affairs spokesman, is the only candidate for the post of party president, which will be decided at the conference. He will replace the Dublin MEP and former Democratic Left leader, Mr Proinsias De Rossa.
Fine Gael said the question of whether to put up a candidate in the presidential election was not under consideration because it was concentrating on the local and European elections.
With the former taoiseach, Dr Garret FitzGerald, ruling himself out of any presidential election since the 1980s, there is perceived to be a dearth of obvious candidates in the party.
