Dallaglio, 33, quit the national side when captain a year ago but will have a rethink if he can overcome the injury which ended his British & Irish Lions tour of New Zealand.
A key member of Sir Clive Woodward's World Cup-winning side in Australia in 2003, Dallaglio teamed up with Woodward again for this summer's Lions tour of New Zealand but sustained a fractured dislocation of his right ankle and was sidelined as the All Blacks recorded three comfortable Test match victories.
Now Dallaglio has his eye on England's World Cup defence in France in 2007.
He said: "I don't regret the decision I took to make myself unavailable for England. I made it on how I felt physically and mentally at the time and I stand by it.
"But like all decisions it can be reviewed and possibly this is the time to review that one.
"I wouldn't rule out the possibility of a return but then again I am not suggesting I am about to make one. It's something that's got to be thought about very seriously.
"If it was going to happen it would have to be with my sights set on France 2007."
Much will depend on Dallaglio's ability to overcome his injury. He is on course to return for club Wasps in November and England coach Andy Robinson could then consider him for next year's Six Nations Championship.
"When you have had a major injury it is about getting back playing again. Once I am past that hurdle I will review things and see where I'm at," said Dallaglio.
"At this stage I have not had any discussions with Andy Robinson. He has got lots of things on his plate and he knows there is no need to rush any conversation with me."