He has three seasons left on the 12-year contract he signed with the Vancouver Canucks on Sept. 2, 2009. He was traded to the Panthers on March 4, 2014.
If Luongo returns for a 20th NHL season, the Panthers likely would want him in a backup role.
According to NHL Stats & Information, since the 2005-06 season, four goalies age 40 or older at the start of a season have played at least 30 games in a season, and none since Martin Brodeur played 39 with the New Jersey Devils in 2013-14.
"Those are the things he's got to think about after the season," Panthers coach Bob Boughner said. "I think he understands, being around the game this long, what it takes to fill that (backup) role and what he needs to do if he's going to do that. We're going to wait for him to make a decision."
Luongo said he could accept a backup role if he returns. During the 2012-13 season with the Canucks, he started 18 games while Cory Schneider, now with the Devils, started the other 30.
"I know what it takes," Luongo said of being a backup. "I realize that I'm 40 years old and taking on a big workload is a bit tougher at this age just because the recovery is a bit slower. I'm well-aware if I do come back that'll probably be the likely scenario for me and I'm OK with that."
Luongo is 18-16-4 with a 3.10 goals-against average and .900 save percentage in 42 games this season. He missed 13 games with knee and lower-body injuries.
Brodeur (1,266) is the only goalie to play in more regular-season games than Luongo, who has 489 wins, third behind Brodeur (691) and Patrick Roy (551).