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 Playboy again. 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 Playboy again comes shortly after her former 'Girls Next Door' co-star Kendra Wilkinson agreed to be photographed for the cover of the magazine again.