The Biden administration is likely to look to go back to the "good old days" by renegotiating the Iran nuclear deal, former Deputy National Security Advisor K.T. McFarland told "America Reports" Friday.

Reacting to reports that the White House had convened a National Security Council principals meeting to discuss Tehran's nuclear ambitions, McFarland speculated that the outcome would be the emergence of draft recommendations for Biden to determine new foreign policy positions, which may entail getting Iran back to the negotiating table.

"The Iran nuclear deal never stopped Iran’s nuclear program," McFarland explaned. "All it did was put it on pause for about a decade and a half. Well, the clock's been ticking since then."

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McFarland added that if the Biden administration were to reenter the deal, Iran would become a nuclear state within 10 years, triggering a nuclear arms race in the region.

The former Trump official also said that if the administration "empowers" Iran, they may increase terrorist activity and enable the Palestinians against Israel, pushing the Jewish state toward forming alliances with other Arab countries.

McFarland also reacted to Biden’s statement Thursday that "America is back," voicing concern that a return to the Obama-Biden administration’s foreign policy strategy may prove damaging if it enables China, increases tensions in the Middle East, or draws the U.S. back into unnecessary conflicts.

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President Biden has taken steps to reverse Trump-era policies in the Middle East by throwing the administration’s support behind finding a two-state solution between Israel and Palestine.

In a recent virtual speech to the United Nations Security Council, acting U.S. ambassador to the U.N. Richard Mills said the administration supports a "viable Palestinian state," but will "maintain its steadfast support for Israel" – signaling the delicate balance they will try to juggle.

Fox News' Caitlin McFall contributed to this report.