New Zealand assistant Hansen, alongside Crusaders coach Robbie Deans and Waikato's Warren Gatland, is a leading contender to become All Blacks coach Graham Henry's successor.
But the 48-year-old has not ruled out a return to Wales, the country he led in the 2003 Six Nations and World Cup competitions.
"There are always rumours about these kinds of things and at this stage I am contracted to New Zealand but, yes, one day in the future, it could happen," he said.
"I had a great time with Wales. It probably took the Welsh public a wee while to see what we were trying to do, but, from day one, the players got behind it and we ended up with a pretty handy side.
"The greatest thing we achieved was getting a good bunch of athletes to understand what professionalism was and how to play an 80-minute game of rugby.
"It won't be now, but one day I could go back."
Former Wales and New Zealand Rugby Union chief executive David Moffett has backed Hansen to succeed, should he return.
"Steve Hansen probably did more than anyone else to drag Welsh rugby into the professional era," Moffett said.
"They went on win the Six Nations for the first time in 27 years in 2005, but people in Wales still live off the Welsh team's success in the 1970s without realising that it might never happen again.
"Wales don't have the depth of New Zealand so it's unrealistic to expect them to be the best team in the world."