Former treasurer and Labor campaign veteran Wayne Swan could announce his retirement when nominations open later this year for the federal election due by May 2019.
Malcolm Turnbull could go to the polls as early as August 4 this year and Labor is well advanced in preselecting candidates in a bid to renew the party's ranks.
There has been speculation Mr Swan could step aside, having been first elected to parliament in 1993.
"I see myself as having a continuing significant input to make at both the local and national level in particular in the area of tackling economic inequality," Mr Swan told AAP on Tuesday.
"When nominations open for the next federal election later this year I will make a decision about my future then."
One of the Queensland MP's caucus colleagues Brendan O'Connor said it was entirely up to Mr Swan when he retired.
"Wayne has been a remarkable politician and has provided the parliament and indeed federal Labor a great legacy to date," Mr O'Connor told reporters in Melbourne.
"If he chooses to continue in his role ... then he is most welcome."
Mr Swan entered parliament representing the Brisbane seat of Lilley in 1993, but lost the seat in 1996.
However, he took it back in 1998 and has held it ever since.
He was treasurer from December 2007 to June 2013 and deputy prime minister for three years from June 2010.
It's been speculated Mr Swan could be replaced by Brisbane-based social justice lawyer Anika Wells.
