Hardy retired in 2013 and has taken up a new role as an analyst in the sport, proving to be one of the best behind a mic.
Yet 'The Outlaw' could end his five-year absence after doctors gave him the green light and he admitted he misses competing.
Hardy told Sherdog.com: "I'm all good. I went back to the UK, took a bunch of tests with a cardio specialist and they compared past test results.
"[They] told me, 'You're all good. Whenever you choose to return, you've got the paperwork to compete'.
"I'm always thinking about fighting again. It's gotta be the right venue, the right opponent."
Nottingham-born Hardy challenged Georges St. Pierre for the welterweight title in 2010.
When his career came to a premature end, Hardy was on a two-fight winning streak.
The 36-year-old said he had enjoyed the analytical side of the sport and he's developed into a popular pundit – but it's not the same.
Hardy said: "You can't replace fighting. But this is a good close second for me, to remain in the fight game, push these fights and give my thoughts on them."
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