The 31-year-old beauty - who was in a relationship with the magazine`s chief Hugh Hefner until 2008 - previously vowed never to bare all for the publication any more but has now had a change of heart.
Holly - who also worked as Playmate Editor for the magazine - said: "I wouldn`t mind doing Playboyagain. But only if I had creative control."
Along with reconsidering a return to her roots, Holly is also looking to the future and hopes to eventually become an entertainment journalist.
She explained to Fox411`s Pop Tarts: "I would like to expand my brand to include destinations in Vegas and also become an entertainment news correspondent."
Holly recently hit the headlines when she claimed former boyfriend 84-year-old Hugh is making a mistake by marrying his 24-year-old girlfriend Crystal Harris.
She said: "I`d like to see Hef settle down. I just want it to be with the right person, and I feel like he`s making a hasty decision. I`m not sure Crystal is the best thing for him.
"Crystal hasn`t been around very long - she`s a mysterious character. No one knows much about her. Plus, she`s very young, probably too young to settle down."
"I`ve seen a lot of girls try to date Hef, and some have ulterior motives. I don`t think it would be a bad idea for him to get to know her a little better. "I think it`s possible Crystal could break Hef`s heart. They could end up divorcing, and she could take half his money."
Holly`s admission she would pose for Playboyagain comes shortly after her former `Girls Next Door` co-star Kendra Wilkinson agreed to be photographed for the cover of the magazine again.