The Zika virus has been linked to severe birth defects in infants born to infected women, and possible neurological problems in adults.
"I'm kind of a last-minute person, so I'm going to make a decision next week, I guess, the week before (the Olympics)," Bouchard told reporters.
"It's just unfortunate because it would be my first Games, and to have a problem like this (Zika) kind of dampening the excitement of, potentially, your first Olympic Games, it really sucks, to be honest."
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"It's something that I haven't been thinking about. I'm just going to, like, wake up and make a decision."
Compatriot Milos Raonic, who lost to Andy Murray in Wimbledon final earlier this month, had pulled out from the Games because of health fears over the Zika virus.
Czech Republic's Tomas Berdych, world number eight in the men's rankings, and women's world number five Simona Halep of Romania have also decided to skip the Olympics for similar reason.
(Reporting by Ian Rodricks in Bengaluru; Editing by Amlan Chakraborty)
