Speaking to NME at V Festival, the Welsh music legend confirmed he was in talks with the BBC about next year's series.
"We're talking about it now," Sir Tom revealed. "The BBC would like me to do another one and I did have a lot of fun doing the first one."
However Sir Tom explained he would only consider returning if changes were made to the format.
The 'Sex Bomb' singer said: "There are things that we need to change, things we know we can make better, but it looks like I'm going to do it. We haven't rubber-stamped it yet."
Sir Tom also revealed that Jessie J could still be returning to the panel too, despite claims that she had already quit.
Danny O'Donoghue and Will.i.am are both expected to be back for a second series in the new year.
Sir Tom said: "Jessie J wants to know if I'm going to do it, I want to know if she's going to do it. I think will.i.am wants to do it and I think Danny O'Donoghue wants to do it.
"Hopefully the four of us will be the same, that's the key I think. We worked so well together, if you take one out, it's going to be like the missing piece of the puzzle."
Sir Tom won the first series of the BBC One talent show with Leanne Mitchell back in June.