"I'm definitely looking at it," Paterson told The Associated Press.
Rangel did not respond to inquiries by the AP in response to Paterson's comments.
At the end of June, Rangel had just $160,000 in his reelection campaign war chest.
Paterson said he was still watching to see if another candidate would run for Rangel's seat if Rangel did not run for reelection.
"I'm looking to see if someone will come forward to really speak for a changing and diverse community that is the congressional district," Paterson said. "But I just find that the types of people I emulated when I was going around and served just aren't around anymore. Everyone is a dealmaker. And that is what doesn't close off my interest."
If Paterson did run for Rangel's seat he would join a number of former New York lawmakers seeking different offices within the state. Former Rep. Anthony Weiner (D) is running for mayor of New York City and former Gov. Eliot Spitzer (D) is running for New York City comptroller.