The singer recently said that it was "unlikely" that he will continue to host the spin-off show with Caroline Flack.
"I've never said it was definite that I wasn't going back, just that it was unlikely due to my music," he told The Sun.
"I've enjoyed The Xtra Factor, it's been a great part of my career."
However, he said that he would like to continue working with Flack on future projects.
"We've taken Xtra Factor back up to having millions of viewers, and Caroline and I have a lot of fans," Murs continued.
"It's been brilliant working with her, too. We have such a good relationship on screen. It's always fun and I'd love to do something else with her."
[Olly Murs with 'Xtra Factor' co-host Caroline Flack]
Murs added: "But music is where I want to focus at the moment – but you never know in this game.
"Simon Cowell has a very good way of persuading people to do things. I might yet be back on Xtra Factor."
An X Factor spokesperson recently told Digital Spy: "We'd love Olly to come back for this year's Xtra Factor and we hope we can make it work with his busy schedule."
Speaking to DS himself recently, Murs said that 2013 is "going to be all about music".
Watch Olly Murs's music video for 'Dance With Me Tonight' below: