Taken with the 10th overall pick in the 1988 draft by the Winnipeg Jets, Selanne is one of only three European players to score 600 or more goals.
"The longer I thought about it, the more I got the feeling that I'm not done yet," Selanne said on a conference call from Finland. "Last week or so I got stronger feelings that I wanted to play more.
"I think it's a good sign when you still enjoy the game and you can compete with the young guys. It's hard to retire, especially when you still enjoy it."
Selanne has spent 11 seasons in Anaheim and helped the team to their only Stanley Cup championship in 2007.
Injuries limited the 40-year-old Finn to 54 games for the Ducks last season but he still managed to record 27 goals and 21 assists.
Selanne has represented Finland at five Winter Games, winning three medals, and is the all-time leading scorer in Olympic men's ice hockey with 37 points.
(Writing by Steve Keating in Toronto; Editing by Frank Pingue)