"I'm going to start throwing three days a week next week in Baltimore. I'll know what I can do in about three weeks," he said.
"I can always be a broadcaster and I just signed a new three-year deal with Jockey, but nobody has ever come back after being inducted into the Hall of Fame."
Palmer was inducted into the Hall of Fame this year in honor of his starring days with the Orioles. During his 19-year career spanning the years 1965-1984, he amassed a 268-152 record, had a 2.86 ERA and struck out 2,212 batters.
"I won't know until I try," Palmer said. "At my peak, I was throwing 95 miles per hour, but I was 15-5 when I was throwing only 85, 86 miles per hour. I think I could be throwing that hard again in about a week."
He said he would not consider returning as a relief pitcher. "I'm a starter," he said.
Palmer first brought up the possibility of a comeback last August when he was inducted into the Hall of Fame. Then he proposed pitching in the exhibition game prior to his induction, but that plan never got off the ground because Palmer said he didn't want to embarrass himself.