The election takes place next May. Chung told the Leaders in Football in London: "I have not thought of doing so before seriously but now I will think about it.
"It's still too early to say there will be no contender next May. In order to keep a large organisation like FIFA healthy you need healthy competition."
Chung Mong-joon added that this December’s decision on who hosts the World Cup in 2018 and 2022 "might affect the atmosphere of the presidential election next year."
Mohamed Bin Hammam, president of the Asian Football Confederation, said in August he will not stand against Blatter.
Blatter was elected FIFA president in 1998 and won a fierce re-election fight in 2002 before being elected unopposed in 2007. Before Blatter, Brazil's Joao Havelange led FIFA for 24 years.
