Kay, who is married to Strictly host Tess Daly, admitted that he could be lured into taking part in the BBC One reality show.
The former T4 presenter also played down constant rumours that he could potentially succeed Sir Bruce Forsyth when the veteran entertainer decides to step down from the ballroom dancing series.
Kay told The Sun's TV Buzz that "Are you going to host Strictly after Brucie?" is the question that he is asked the most, but claimed that his reply is always "no".
"I have never had that conversation with anyone," he said. "But I would like to give it a go as a contestant. Hopefully that would put all that other talk to bed."
Kay recently filmed a pilot for a remake of another Forsyth TV format, ITV1's Play Your Cards Right. However, the TV host insisted that he had Forsyth's blessing to make the show.
"He said to me: 'If anyone's going to do it, it should be you. Give me a ring if you want any advice,'" said Kay.
> Forsyth: 'Kay would be great Strictly host'
> Play Your Cards Right to return with Vernon Kay?