"Most people would say absolutely not, don't even -- I am thinking about it," he said. "We have brought the beauty pageants into the modern age, these are beautiful women. I'm not saying I'm doing it. If they did it would have to be a very modified version, but she's very beautiful, there's an offer out, they really want to put her on the cover."
A Playboy spokeswoman told FOXNews.com Thursday: "Tara is a beautiful woman and Playboy is always interested in featuring beautiful women in its magazine. However, it is too early in our conversations to comment further."
After narrowly retaining her crown on the heels of reports of her hard-partying ways, Conner checked into rehab last month at the Caron Foundation in Wernersville, Pa., according to reports.
The 21-year-old beauty queen was almost stripped of her title after reports surfaced that she was drinking while underage in New York City's bar scene, took drugs and was seen making out with Miss Teen USA Katie Blair.
Trump said he would allow Conner to remain Miss USA if she settled down and entered alcohol rehab.
Meanwhile, Trump is continuing to attack "The View" moderator Rosie O'Donnell in a feud that was ignited when O'Donnell mocked Trump's decision to give Conner a second chance.
O'Donnell questioned the twice-divorced Trump's fitness to serve as the "moral compass for 20-year-olds," and also said that Trump had been bankrupt.
On Wednesday, "View" creator and co-host Barbara Walters issued this statement, per ABC, on "The View":
"Donald Trump has never filed for personal bankruptcy. Several of his casino companies have filed for business bankruptcies. They are out of bankruptcy now."
Trump has also been saying that Walters regrets hiring O'Donnell. Walters denied that on her show Wednesday:
"I have never regretted nor do I now the hiring of Rosie O'Donnell," she said. "When Rosie left her own show four years ago at the height of its popularity because she wanted to spend more time with her children, I thought that she would probably not come back to daytime and she wouldn't want to work on an ensemble. But she did, and she has said that she did it for me. And she has brought a new vitality to this show, and the ratings prove it."
Trump told FOX News Channel's Greta Van Susteren Wednesday night that he appreciated the fact that Walters "retracted" O'Donnell's bankruptcy claim. He added, however, that Walters sung quite a different tune about O'Donnell when she called Trump four or five days ago.
"Barbara called me and Barbara said many things that were very negative and anti-Rosie. Barbara's embarrassed by Rosie. Barbara thinks Rosie's a disaster.
"Ultimately, you watch what's going to happen," he continued. "And here's my prediction. She will have a huge fight ultimately with Barbara Walters, and she will be fired."
Trump said Walters can't publicly admit her feelings about O'Donnell because she has to support her show and work with O'Donnell on a daily basis.
He also added that Miss USA is "doing fantastically."
"She comes out of rehab in about a week and a half, and I think she's going to be a great inspiration to a lot of people that have this same problem," he said.
Trump's reality show, "The Apprentice," returns to NBC Sunday night. Trump denies the O'Donnell feud was started to boost ratings for the show.
Trump got some support Thursday in his war of words with O'Donnell -- from his 25-year-old daughter, Ivanka.
Ivanka, a vice president of real estate development at the Trump Organization, appeared on NBC's "Today" show with her father to promote "The Apprentice." She will be joining Trump in the boardroom.
"Today" co-host Meredith Vieira's first questions were about Trump's nasty feud with O'Donnell. O'Donnell was hired by Walters after Vieira left the ABC show last year to join "Today."
Ivanka said O'Donnell had "instigated" the exchange of verbal hostilities and had been "bullying people for a long time."
"I think it was unfair, it was uncalled for and, quite frankly, there was no reason for it," she said of O'Donnell's recent remarks, which include saying The Donald has been "bankrupt so many times."
"As my father said, she, too, has had a lot of second chances," Ivanka said. "You know, there's nothing surprising about the fact that my dad's gonna come back with a vengeance anytime anyone says anything negative against him."
The Associated Press contributed to this report.