The Ukrainian legend hasn't fought in the ring since his defeat to Anthony Joshua in 2017 but Tom Loeffler - who founded K2 Promotions with Klitschko and his older brother Vitali - suggested that he could be tempted back to the sport in a bid to become the oldest ever heavyweight world champion.
Loeffler told Sky Sports: "I do know at one point it was a dream of his to break George Foreman's record and become the oldest heavyweight champion.
"I don't want to speak for Wladimir, I'll let him say everything related to that."
Klitschko could return to the ring for a world title bout against a fighter such as Daniel Dubois but is unlikely to challenge his compatriot Oleksandr Usyk.
Loeffler said: "He wouldn't fight Usyk because that's his countryman, but now with the likes of Daniel Dubois, and depending what happens, we may see him come out of retirement.
"There is no better ambassador for boxing than Wladimir and his brother Vitali. If we see Wladimir back in the ring, I think a lot of fans would be super excited to see him again."
Loeffler suggested that Klitschko could even seek revenge for his 2015 loss to Tyson Fury, although it is dependent on what happens when the Gypsy King takes on Usyk later this month.
The promoter said: "There was a rematch clause there with Tyson Fury, but after winning that fight Tyson went off the rails, so Wladimir never got the rematch he was supposed to get contractually. So, you never know, if that happens down the road it would be a tremendous fight.
"But we'll see, everyone is focusing on December 21 and then it depends what Wladimir decides to do. He is in a situation in Ukraine that can change on a daily basis. I'm just glad they are fighting as hard as they are. If there is a chance for Wladimir to get back in the ring it will be his decision, but we will support in that for sure."