The 40-year-old actor followed in the footsteps of Roger Delgado and Anthony Ainley when he took on the mantle of the villainous Time Lord for three third series episodes.
Simm later returned to Doctor Who for David Tennant's farewell 'The End of Time' two years later, where The Master sacrificed his own life to save The Doctor from facing the wrath of the vengeful Time Lord President, Rassilon.
During an appearance on The One Show, Simm was questioned as to whether he's open to rejoining Doctor Who so The Master can appear opposite Matt Smith's 11th incarnation of The Doctor.
"I'd certainly consider [returning]," the star revealed. "There seems to be a lot of talk about it recently."
The actor was quick to point out, however, that he's yet to be approached by anyone on the Doctor Who production team regarding The Master's re-emergence.
"I haven't spoke to anyone about it, but I would definitely consider it [if asked]," he remarked. "It was such fun to do."
Earlier this month, Doctor Who executive producer Steven Moffat hinted that Simm could reappear as The Master in a future episode.
Doctor Who continues with new episode 'Day Of The Moon' this Saturday on BBC One in the UK and on BBC America in the US.
> Read ten teasers about 'Day Of The Moon'!
Watch John Simm discuss a potential Doctor Who return below: