Vettel has said he was potentially in the market for a 2025 comeback and was talking to Wolff and others. Hamilton, who is joining Ferrari, said on Thursday the German driver would be an amazing option for the German manufacturer.
"Sebastian is someone that you can never discount," Wolff told reporters when asked whether he would be interested in the four-time world champion.
"I think his track record is phenomenal. And sometimes maybe taking a break is also good to re-evaluate what's important for you and refine your motivation."
While Wolff said he had a shortlist of drivers in mind, a decision was not imminent.
"At that stage, I think it's much too early for us to commit to a driver, whether very young or whether very experienced... the next few months will give us more clues."
