The 35-year-old, who retired from international football in 2004, was contacted by Three Lions coach Fabio Capello's right-hand man Franco Baldini on the eve of the World Cup squad announcement and asked to consider coming out of retirement.
Scholes turned down the opportunity as England went on to endure a disastrous campaign in South Africa, culminating in their heaviest-ever World Cup defeat in a 4-1 thrashing at the hands of Germany in the Round of 16.
But the Manchester United veteran has now revealed that he may have made the "wrong decision" in rejecting the offer and that had he been given more time or had he been directly contacted by Capello himself, he may well have flown out to South Africa.
"That's why I probably said no, not just because he had given me a couple of hours to think about it but the fact I needed a bit more time," said Scholes.
"I am not saying it definitely would have been (yes) in that case but I think it might have been. I did not expect it the call. It wasn't even on my mind.
"It wasn't until a week before the tournament you start seeing all the build up and thought maybe I made the wrong decision.
"I am not saying I would have made a difference. I am just saying it was a chance to play in the World Cup and I turned it down. I don't look back and think it didn't go well for England because I didn't go.
"Would I have joined up if Capello had called me? I don't know. Maybe it might have meant more.
"I am saying I might have made the wrong decision but I am not saying I would have made a difference."