Former West Indies captain Brian Lara is the only prominent contemporary player to confirm he has joined the Indian Cricket League, which is proposing to run a Twenty20 series in October in direct opposition to a one-day series between India and Australia.
McGrath and his former Test team-mate Shane Warne, who both retired from Test and one-day cricket earlier this year, have been linked with the ICL, but negotiations continue and so far neither of them has signed on.
"It's tempting," McGrath said Monday, two months after he bowed out of international cricket by taking a record 26 wickets at the World Cup.
McGrath, 37, said a short-term Twenty20 tournament would be ideal to give him his "fix" of cricket without taxing him.
"Obviously, you can make a little bit of money. Probably a month of cricket, get back, give me that fix of playing again -- it might be all I need."
The Board of Control for Cricket in India (BCCI) is determined to ensure the failure of the rebel ICL, which is bankrolled by the country's largest listed media house, Zee Telefilms.
The BCCI has not only refused to let out stadia for the ICL's inaugural Twenty20 competition, but has also threatened to bar rebel players from representing India in official tournaments.
Despite a possible dabble with the ICL, McGrath said he was satisfied he had made the correct decision to quit top-level cricket.
"I think I played as long as I could mentally. Physically the body feels great, but the mental side of it is another thing," he said.
"Previously, watching other teams playing made me want to get out there. I couldn't wait for the season to start. Now I think I'm glad I'm not out there.
"For me it's been the right decision, and I've had time to get used to it. To finish on a high -- I couldn't have asked for much more than that."