``I am not a candidate,'' he said. ``Could I be? Of course, in the world of probabilities I could be.''

Peru will hold presidential elections in April 2011.

Among the frontrunners are Keiko Fujimori, the daughter of jailed former President Alberto Fujimori, and the two-time mayor of Lima Luis Castañeda. Toledo is running third in some polls.

Peruvian watchers said Toledo, who lead the Andean nation from 2001-06, may wait until after regional and municipal elections next month before he throws his hat into the ring.

Speaking of a hypothetical presidential term, Toledo said he would work to continue to Peru's record growth but also pay more attention to innovation, the environment and indigenous groups.

``We are advancing on the economic but that's not enough,'' he said. ``The state needs to make some decisions and make reforms.''