Former Doncaster chairman John Ryan would consider a return to the Rovers boardroom if Sequentia Capital's proposed takeover of the club was to go ahead.
However, a deal with the Irish-led consortium, allied to the exit of major shareholder Terry Bramall, represents the only chance of that happening.
Ryan resigned his post after 15 years as chairman on Saturday. The 63-year-old had been at odds with Bramall for several months about the club's future direction.
Despite Ryan's departure, talks with Sequentia remain 'ongoing' according to Bramall, who suggested earlier this week he could be ready to accept their renewed offer to buy the Sky Bet Championship club.
As it stands, director David Blunt - the man likely to become interim chairman after Ryan's exit - is handling negotiations on behalf of Bramall and Doncaster.
Should Sequentia complete a takeover, Ryan revealed he could be tempted back - but only if the current directors were no longer involved.
"It is something I would consider, as long as it was a totally new regime at the club," Ryan told the Doncaster Free Press.
"I think if Sequentia do own it, I would think one of the first calls they make is to me. But as long as Bramall is there, I am out."
Ryan brought Sequentia, supported by a wealthy Belize-based tycoon, to the table in June following the club's return to the Championship.
The consortium pledged to spend upwards of B£20million to help propel Rovers to the Premier League and a heads of terms agreement was subsequently signed by both parties.
Ryan supported Sequentia's bid but a boardroom split ensured that the offer was not accepted.