"I will consider contesting for SLC president's post if there is a guarantee that the government will not interfere in the elections or even after that," he told reporters on the sidelines of Sri Lanka's promotional event here.
Ranatunga, a member of the country's opposition party, said he will take a final decision on the matter once he returns to his country.
Ranatunga said he preferred keeping politics away from sports when dealing with international affairs.
SLC will elect its new office-bearers next month.
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Ranatunga said that even though he fears for the future of cricket in the island nation, he will do whatever possible for the survival of the game.
Upali Dharmadasa was elected unopposed as the president of SLC last year in the Cricket Board's first election in seven years.
SLC has announced that the annual general meeting of the board will take place on March 30.