The 23-time Grand Slam champion raised eyebrows last December when she rejoined the tennis anti-doping testing pool, though she denied at the time that the move signalled a comeback to the sport she dominated for nearly two decades.
But her coy responses during a Wednesday appearance on NBC's "Today" show have reignited speculation.
When asked directly if rejoining the testing pool was a precursor to returning to tennis, Williams deflected with characteristic flair.
"I mean, really? Are you asking this on the Today show? Oh my gosh," she replied.
Pressed for a clearer answer, the 44-year-old Williams continued: "All the people on your set are laughing. This is distracting. You're distracting us over there ... I'm just having fun and enjoying my life right now."
The interviewer persisted, saying "But that's not a yes or a no", to which Williams replied: "That's not a yes or no. I don't know, I am just going to see what happens."
She then added: "Listen, I have two kids. I am a full-time stay-at-home (mom). When I filled out a form the other day, occupation: housewife."
The cryptic interview became a talking point at the Australian Open on Thursday, where some of the world's top women's tennis players were asked to weigh in on Williams' potential return.
"If she wants to come back, that's her decision. It's going to be fun to see her back on tour," Belarusian world number one Aryna Sabalenka said on Thursday after booking her spot in the Melbourne final.
"She got the personality, and she's a fun one. It will be cool."
Ukrainian Elina Svitolina, who lost to Sabalenka in the semi-final, would also welcome Williams back.
"Well, I think it would be amazing for the sport, definitely," said Svitolina.
"She's such a great champion and achieved so much, did so much for our sport and been an inspiration for women around the world. So it's going to be a great story, for sure."