"I haven't made a decision," Meares told reporters in Melbourne on Tuesday. "I'm enticed to go to Rio that's for sure."
Meares collected a framed set of commemorative stamps honouring her achievements earlier this month in London, where she also picked up a bronze in the team sprint with Kaarle McCulloch.
Her win came eight years after winning gold in the 500m time trial in Athens and four years after recovering from a broken neck in a crash at the start of 2008 to win a sprint silver in Beijing.
A year off appears the most likely option for Meares, who will not be rushed into a decision on Rio.
"I just want to remove myself from that situation and enjoy life away from cycling, away from this hype and all the fun that comes with it," she said.
"Just competitively, I'll take a break for a little while."