According to the New York Daily News, he has interest in a Jets reunion.
"I'd be crazy not to be interested," Pennington told the Daily News. "Once you think you're too big where you can't entertain every opportunity, you'd better be careful because you'll be looking from the outside in."
If Pennington returned to the Jets he would serve as Mark Sanchez' backup, and the veteran says he could accept playing second fiddle.
"There's always flexibility, and I think there's always a need for good quarterback play in this league," Pennington told the Daily News. "There's always a need for leadership, and you don't necessarily have to lead from a starter's role."
New York needs a reliable backup quarterback since Sanchez will undergo left knee surgery in the next few weeks.
Pennington, who turns 34 in June, has injury concerns as well, but the two-time NFL AP Comeback Player of the Year is making progress.
"I'm not totally where I want to be, but I can see the progress," Pennington told the Daily News.
The Jets will face competition for Pennington's services this offseason. The Bills, Cardinals, Panthers and Redskins have questions at quarterback. All could use the former first-round pick as their starter next season.