The 'Flower' singer, whose sister Dannii Minogue sat on the panel from 2007 to 2010, admitted that starring on the show is probably not as challenging or scary as she's imagined.
Asked if she'd ever come to The X Factor, Minogue said: "I don't know. It might be like a lot of things in life where thinking about it is more difficult than doing it.
"I think if I was driven to the studio and told I was doing it, then I'd get into it and I might find it really fulfilling."
She continued: "I'm sure I've got enough to offer [as a judge]. I've been there and never had anyone hold my hand, so it would be quite nice to do that for someone else.
"But for the moment, I'm happy just watching."
Minogue also admitted to being a fan of controversial X Factor contestant Rylan Clark, declaring that the ex-boyband member has "won a place in people's hearts".
"I love Rylan, of course I do. I think it's brilliant he's been put through," she told New. "Who's the person who gets the most attention? I think he's been great for the show."
Minogue recently denied rumours that she is being lined up as a coach on The Voice Australia following Keith Urban's defection to American Idol.
The 'Locomotion' singer today (October 23) unveiled tracks from her new album The Abbey Road Sessions exclusively on Digital Spy.