The Team GB Olympic gold medallist has recently been linked with a spot on this year's competition on BBC One.
She explained that the prospect of trying something new would be "fun".
"If they do ring me I'll be very interested I must say," she told Lorraine's Kate Thornton.
"It definitely appeals to me. After wearing lycra suits for so long it would be fun."
Pendleton's fellow Team GB members Beth Tweddle and Rebecca Adlington are also said to be on the producers' wish list for the dancing series.
The cyclist recently said that she is looking forward to feeling "a bit more feminine" since retiring from the sport.
Sir Chris Hoy, Bradley Wiggins, Jessica Ennis and Mo Farah are rumoured to be featuring in a future Olympics-themed X Factor episode.
Chris Evans, cricketer Michael Vaughan, soap star Charlie Brooks and Westlife's Nicky Byrne are all rumoured to be taking part in Strictly Come Dancing's 10th series.
In pictures - Strictly 2012's rumoured celebrities:
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