The former Neighbours star, who had a series of top 10 hits including his duet with Kylie Minogue on Especially For You, has carved out a career in West End musicals.
He said: "There is definitely talk of doing possibly a record next year but nothing is set in stone, but why not?
"Possibly an old school type of big band, sort of crooner record. I don't know."
Bookmakers have made the Australian a rank outsider to win this year's series of the BBC ballroom show, which climaxes with a final at Blackpool's Tower Ballroom, despite him scoring full marks with his Latin dance in the semi-finals.