Toews says there would be a number of factors to consider, including what the rules of the race will be.
But he says interest in the leadership race can be good for the party and the province.
The party is working on the logistics of the race, but the vote is not expected for months.
Two other cabinet ministers — Rajan Sawhney and Jason Nixon — have also said they are considering running.
UCP backbencher Brian Jean and former Wildrose party Leader Danielle Smith have already said they will compete for Kenney’s job.
Kenney announced last week he is stepping down from the job following an underwhelming 51 per cent support in a party leadership review.