Dermot, 41, took over from Kate Thornton on the ITV singing competition eight years ago.
The presenter told Radio Times: “Of course I love doing it, and it’s a huge part of my life, but it’s eight years now.
“I haven’t made up my mind yet. If a new challenge came up that meant I couldn’t do both, then…”
Dermot added that talks about the next run were likely to take place next month.
The show boss, Simon Cowell, spoke of this year’s show getting an entire revamp, from the judges, presenter, set and voting process.
The father-of-one said: “If it goes the way I want it to go, it’s a show that would be a very, very different show to judge than what we’ve ever done before.
"You can’t keep making the same show with the same format. If everybody knows what’s going happen every year, eventually people will get tired of it.
“I’ve got an idea in my head and I’ve spoken to the producers about it who are excited. And for me it would be a show I would love to be on.”
According to the Mirror, the new version of the X Factor will allow viewers at home to have far more say over who stays and who goes, using apps on phones and tablets.