If he were to sit in the Lords, he would be the first Catholic bishop to do so since 1553.
The Cardinal said that Prime Minister Gordon Brown was currently considering inviting leaders of other faiths to join the House of Lords.
Speaking to the BBC World Service’s Politics UK programme, the Cardinal said, "Yes I think it would be a change and I am in two minds.
"My predecessor [Cardinal Basil Hume] was offered a place in the House of Lords and chose not to accept it and felt that he had a better voice, if you like, outside of Parliament by being a religious leader and there is a bit of me that would feel the same."
The Cardinal added, "On the other hand, time moves on and there may be something to be said at this stage for someone like me - in retirement - to be part of the House of Lords to enable me to express my views, the views of my Church, on social and ethical issues."
He continued, "I think that the Prime Minister wants to bring religious leaders into the House of Lords to make sure that their voice is heard.
"That obviously wouldn't just include myself as a Roman Catholic but also the Chief Rabbi and a prominent Muslim perhaps, because he thinks that these kind of voices in public life have a value."
The Cardinal said he hoped more religious men and women would bring their religious, moral and social convictions into politics.
"I wouldn't like to think that those with Christian convictions were prevented from following those convictions in their life in Parliament, though I do think that it can be quite difficult for some Catholics - in public life and in Parliament - to act out of their religious convictions which wouldn't be at one with their colleagues particularly, as I say, in some social and ethical issues."
He added that he believed there would soon be a political battle on the issue of euthanasia and said that both Tony Blair and Gordon Brown seemed to feel they had to “contain” religious groups in politics.
