Michelin pulled out of F1 in 2006, and since then, they have concentrated on sports car endurance racing along with their Green X Challenge program.
Jun.7 (GMM) Michelin is the latest tyre brand linked with F1 in 2014.
In recent days, former F1 supplier Bridgestone joined Korea's Hankook in playing down the prospect of replacing Pirelli next season.
Manuel Franco, the correspondent for the Spanish sports daily AS, wrote on Thursday: "In the Montreal paddock it is being said that Michelin representatives have met with F1 executives to look into returning to the sport."
Michelin returned to F1 in 2001 to compete against Bridgestone, but fell out badly with the FIA in the wake of the 2005 US Grand Prix fiasco at Indianapolis, and pulled out a season later when F1 moved to a control-tyre formula.