The 63-year-old Scot, who combined the WBC and WBA world lightweight titles in 1971, is reported to be considering a return to fighting due to financial problems.
In an interview with the BBC, Buchanan confirmed reports that he was considering an approach made by unlicensed 'White Collar' boxing promoters. If an agreement is reached, it could see him fight in his native Scotland, although Buchanan himself is keen to have the fight in England.
"I would be the older professional world champion ever top make a comeback," he told BBC Radio 5 Live Sport.
"It wouldn't be a legal fight. It would be white-collar boxing. I've got to do it. It's the only way to make money."
The Edinburgh native, who will turn 64 in June, has also admitted he is not in good physical shape. He has suffered serious back injuries and his continuing course of painkillers should prevent him from training in a gym.
"The only way you can make money is to make a comeback," he said. "I can't work. I could never get employed anywhere. I know it's stupid but it will work out okay."
Buchanan claimed the WBA world title in September 1970, defeating the heavily fancied Ismael Laguna in 15 rounds in Puerto Rico. He successfully defended his title in Los Angeles when he beat Ruben Navarro, before upsetting Laguna a second time in New York in 1971.
He lost his WBC title to Pedro Carrasco when he failed to defend the title and a decision was taken to strip him of it. However, he continued as WBA champion until defeat to Robert Duran at Madison Square in New York in June 1972. Duran won the bout by a technical knockout after reportedly hitting Buchanan below the belt.
Since his retirement in 1982, he has suffered a similar fate as many professional boxers, struggling to adjust to life outside the ring. However, he has been honoured as one the greatest British boxers in history and was inducted into the International Boxing Hall of fame in 2000.
Given his age, Buchanan would fail in any attempt to attain a boxing license from the British Boxing Board of Control. White-collar boxing, where white-collar professionals train to compete in the ring, has surged in popularity over the past 10 years.
Source: http://news.bbc.co.uk/sport2/hi/other_sports/1374044.stm
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