The 38-year-old former Barcelona and Spain winger spoke to RTVC after his contract with the Italian club expired, opening the door to a homecoming that would bring his career full circle.
"My contract was up and I think I left in the best possible way," Pedro said.
"Tenerife? They always ask me that — it is an idea that is there on the table and we will see what happens.
"Coming home and retiring in your own country is the best thing for anyone. Obviously I would like that too."
Pedro spent nine years at Barcelona before leaving for Chelsea and subsequently Lazio. At 38, any return to football at professional level would be as a player winding down his career rather than a competitive signing, though Tenerife's promotion to Segunda División gives the move a credible context.
Pedro's comments stop well short of a confirmation. The language of "we will see what happens" suggests conversations may be at an exploratory stage rather than an advanced one, and the player's primary emphasis appears to be on the broader desire to return to Spain rather than a specific agreement with Tenerife.
For the Canarian club, the possibility of signing one of Spanish football's most decorated exports — who won La Liga, the Champions League and the World Cup during his career — would represent a significant moment for a club that has spent years outside the top flight. Whether that conversation develops into something concrete will become clearer as pre-season approaches.