O'Leary, 57, has been the dominant force at Europe's largest low-cost carrier since he took over as chief executive in 1994 and his current contract is due to expire in September 2019.
O'Leary said the board of directors is keen for him to sign up to another five-year term to demonstrate continuity, but no agreement had yet been reached,
"I'm not sure whether I want to sign up to another five years, that would take me up to 62. I'm not sure Mrs. O'Leary would be happy," he told journalists at a briefing after the company's annual general meeting.
Instead, he said he was in discussion with the board about a possible two or three-year contract with a 12-month rolling contract to follow.
(Reporting by Conor Humphries; editing by Jason Neely and Emelia Sithole-Matarise)
