The £9m signing from Hearts found games hard to come by at the club last season following injury troubles.
However, he has claimed that players may need to be sold before he puts pen to paper on fresh terms.
"I'm out of contract now but there is nothing on the table as yet. It's just a case of seeing what's out there and making the right choice for me when the offers come up," Gordon told Sky Sports News.
"I think [Sunderland] would ideally like to do something, but with the three goalkeepers the manager has at his disposal right now, something would need to change for me to get back in there.
"That's still a possibility. The manager has spoken to me, he says he likes me very much and would like to do something, but at the moment it's just waiting to see what comes over the summer."
Sunderland finished 13th in the Premier League table last season.