Sources told ESPN on Wednesday that Fisher has indeed been "exploring options and expressing interest in playing again."
It is unclear what those options are, but a source said Fisher's looking into opportunities to play in the NBA or in the Chinese professional league.
Fisher, however, took to Twitter on Wednesday to say he has "no steadfast plans" to play again.
A return to the NBA as a player after coaching in the league would be a rarity.
According to the Elias Sports Bureau, Magic Johnson is the last man to return to play in the NBA after coaching in the league. He played 32 games for the Lakers in the 1995-96 season after coaching the team for 16 games during the 1993-94 season.
Fisher signed a multiyear contract in 2014 to coach the Knicks but was fired in February by team president Phil Jackson. Since being let go by the Knicks, Fisher has appeared as a television analyst on NBA TV and TNT.
Fisher will turn 42 on Tuesday and would be the oldest player in the NBA if he returns to the league. Other options for Fisher would conceivably include playing for a team overseas.
A 6-foot-1 guard, Fisher played 18 years in the NBA. He helped the Los Angeles Lakers win five championships, played in an NBA-record 259 playoff games and won a league-record 161.
Fisher was fired as coach of the Knicks on Feb. 8 after a stretch in which the team went 1-9. Some speculated at the time that Fisher's off-court incident with Matt Barnes -- an altercation during a party at the home of Barnes' ex-wife -- also played into his firing. Fisher later denied that in a published essay.
The Knicks were 40-96 during Fisher's 1½ seasons as head coach.