"We have not formally decided yet but we have been looking into the option of pulling out," Honda spokesman Akemi Ando told Reuters.
"It is something we have been thinking about for a while since we pulled out of Formula One.
"We have no plans to leave MotoGP."
Honda announced at the end of last year that it was withdrawing from Formula One racing with intermediate effect because of the world's financial crisis.
The Japanese manufacturer, who announced an operating loss of $2.1 billion for 2009, said its involvement would be mainly reduced in motocross and other forms of off-road racing.
Ando admitted also that there would be no works team at the Suzuka eight-hour World Endurance Race at the circuit owned by Honda.
"It's not strictly accurate to say Honda are pulling out of the Eight-Hour race," said Ando. "It is true that our works teams will not take part.
"But Honda supplies bikes and technical support to many of the teams and 60 percent of the bikes on the grid will still be Honda bikes."
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