"I would (run) if I believe that that is the right thing to do for our country and for the Palin family," Palin said on Fox News Sunday.
The darling of GOP social conservatives said she is better prepared than in 2008, when the little-known Alaska governor became a laughing stock as John McCain's surprise running mate.
"My focus has been enlarged," Palin said. "So, I sure as heck better be more astute on these current events, national issues than I was two years ago."
The ex-governor also acknowledged in a separate interview with foxnews.com that she might not be even her own first choice.
"I see many, many other men and women across our country who are in as strong or stronger position than I am to take on the White House, and if they're in a better position than I (am) in three years, I'll support them," she said.
She figures President Obama could be toast in 2012, but predicted he will pull a surprise to rally voters behind him.
"Say he played the 'war card,'?" Palin said. "Say he decided to declare war on Iran, or decided to really come out and do whatever he could to support Israel, which I would like him to do."
The right's anti-Obama fervor could wane if people decided "maybe he's tougher than we think he is today," she said.
Palin spoke to Fox, which employs her as a commentator, while attending the Tea Party Convention in Nashville.
She was paid $100,000 for her speech there Saturday night, money she said she would give back to the group's conservative cause.
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