Mansell, who had tipped Hill to follow in his footsteps after he took the world title in 1992, said if the right offer came in he would be tempted to go for the championship again.
"To go for another world title or to compete at the highest level is very exciting," he said. "You are only young once and you can only do the sport while you are able to do it and my time is not up. My focus at the moment is on golf but motor-racing still very much burns in my heart."
Speaking on Radio 5 Live's Ruscoe on 5 programme, Mansell added: "There's a couple of things which are very tempting at the moment. We will just have to wait and see."
Mansell, who insisted that he had not retired but merely "stood down" from the sport, said he was delighted that Hill had found success with the same Williams team with which he won his title.
Mansell, who endured a series of near misses before claiming the championship, had recommended that Hill should take his place at Williams after he parted company with the team.
"I saw a very hungry person and a very likeable person who was going to dedicate himself to getting the job done, and felt if I was moving on it would be lovely to get the seat for another Englishman," Mansell said.Reuse content