Former Alaska Gov. Sarah Palin on Monday left open the possibility of running for president as a third party candidate in 2012.

Palin (R), in an appearance on the conservative Lars Larson radio show, indicated that the a possible third-party candidacy might be contingent on whether or not the Republican Party gets back to its "conservative base."

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Larson asked Palin if she would consider a third party bid, to which Palin responded "That depends on how things go in the next couple of years."

When pressed if her answer meant yes, the 2008 vice presidential nominee responded "If the Republican party gets back to that [conservative] base, I think our party is going to be stronger and there's not going to be a need for a third party, but I'll play that by ear in these coming months, coming years."

Palin has carved out a renegade identity since entering the national spotlight during last year's presidential campaign. She has high marks among the conservatives, many of whom support the "tea party" movement.

h/t The Fix