Yao's contract had expired after this past season with the Rockets, who have missed the playoffs the last two seasons.
They played nearly all of that time without Yao as he battled various injuries. He was limited to five games last season after missing all of 2009-10.
"But who wouldn't like Yao Ming, a big guy who can really make shots, just a huge force in the middle? That's out of my control. We'll see where that goes."
In May, Yao said his surgically repaired left ankle was healing properly and he wanted to remain with the Rockets.
But Yao, who had surgery in January, said he wouldn't know until this summer if he'd be able to play again. He became a restricted free agent July 1.
Yao averaged 19 points and 9.2 rebounds a game in his seven-plus seasons.
"We're going to miss you, bro," recently retired center Shaquille O'Neal said in an online video post. "You're one of the greatest players ever to come out of China. You're one of the greatest players, period. I'm going to miss you, brother. Enjoy retirement. Let's go on vacation, bro. Me and you."
Information from The Associated Press was used in this report.
Source: ESPN