Disgruntled Lewis Hamilton and Sebastian Vettel have been linked with the seat, but so too has Ferrari's frustrated Fernando Alonso.
The Telegraph claimed the Spaniard could make an enormous $32 million per year with McLaren, Honda and also his sponsor Santander pitching in.
Williams' Valtteri Bottas and the Eric Boullier-linked Romain Grosjean are also believed to have been considered by McLaren, so while the situation remains unclear, the future of 15-year F1 veteran Button hangs in the balance.
"We haven't sat down and talked about it," the 34-year-old Briton and 2009 world champion told the BBC.
"If I have to retire at the end of the season then so be it, but I feel I have so much more to give and I can't imagine life without motor sport and especially formula one," Button said.