Norman, 51 and a five-time champion, could not rule out the possibility the tournament starting at Royal Sydney on Thursday would be his last on home soil.
'It could be. I'm not saying which one is going to be my last,' he said at a news conference.
'I talk to (manager) Bart Collins and my family and ask them questions about how much more I can keep going on and doing it. I have responsibilities with the different companies I now own.
'I'll be honest, the thought crosses my mind. Then I go out and play the golf course like last week (at the Shark Shootout in the United States) and hit some pretty good shots and got excited. Then I think maybe I'll try one more. My competitive juices still flow and I can't comment on whether it will be my last one or not.
'But sooner or later there will be a last one.'
Norman said that, while he plays rarely these days due to business commitments, he would not rule out a strong showing at Royal Sydney.
'My form is OK,' he said. 'It's nothing startling.
'I've practiced a little bit leading up to the event. Do I come in here with expectations of winning the golf tournament? No I don't.
'Do I come in here with expectations of trying to do the best I can and feel confident in putting in a pretty solid performance? Yes I do. It all depends for me on how I wake up Thursday and Friday morning.
'If I get motivated and get on-song like I did on the weekend playing with Nick (Faldo), I could shoot four decent, good scores.'
Norman used the news conference to water down rumors of a budding romance with former tennis star Chris Evert.
Evert and Norman have both recently divorced and have been romantically linked after being seen together on several occasions.
'Before we get going guys, I'm going to make one comment about the question you're all going to ask me,' Norman said. 'I just want to say Chris Evert and I are very close friends. We've helped each other out, we've supported each other over the years with our numerous charities and events like that.
'Just make it clear: We're very, very close friends and we'll leave it at that.'
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