Bustamante, who lives in Elk Grove but represented the Fresno area in the Assembly during the 1990s, told The Fresno Bee that he is considering a bid in the 21st Congressional District.
"I'm not ready to make any kind of announcement at this time," Bustamante said. "I've not made all my due diligence calls. An announcement is premature."
Democrats lost their top recruit for the competitive seat when Sen. Michael Rubio, D-East Bakersfield, withdrew his candidacy to focus on his family.
Republican Assemblyman David Valadao of Hanford, and Central California Hispanic Chamber of Commerce Chief Executive John Hernandez, a Democrat, are currently running for the seat. The Fresno Bee reported that Fresno City Councilman Blong Xiong, also a Democrat, is also considering entering the race.
Bustamante, a former Assembly speaker who lost a 2003 bid for governor in the recall election as well as a 2006 run for state insurance commissioner, told The Fresno Bee that he and his wife "need to figure out what we're going to do with the rest of our lives" now that their children are heading to college.
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Michael Rubio decides not to run for Congress in 2012
PHOTO CREDIT: Then Lt. Gov. Cruz Bustamante speaks as then Gov. Arnold Schwarzenegger laughs behind him before the State of the State address on Jan. 5, 2006. Sacramento Bee/ Brian Baer