The 37-year-old comes to the end of his contract with the Major League Soccer side in December and it is believed that his wife Victoria is keen to uproot to the Big Apple.
"Everything is up for discussion at the moment," said a source, according to Grazia magazine. "David may well choose to stay at LA Galaxy, or may leave and retire. There are big conversations to be had.
"Victoria is keen to move to New York to set up her business there and open her first store. She looked at a school when she was there. There are also business opportunities for David too."
Recent reports had claimed that the former England captain was pondering a return to Britain.