The singer, who recently collected an honorary degree from Southampton Solent University, said she had been too busy for her music career until now.
"I just heard two really good demos the other day and got excited," she told Now magazine.
"It isn't out of the question, but it just hasn't been possible because there've been so many Danniis running around - fashion designer, author, judge, mum. There wasn't room for Disco Dannii.
"I'm keeping my mind and options open. I'd love to be back on UK television. I want to make that happen. I miss the UK. Maybe I need to go away and write my own show."
Minogue recently admitted that she felt permanently exhausted and "very sick" while doing The X Factor after losing weight due to a thyroid problem.
Watch Dannii Minogue's video for 'I Begin To Wonder' below: