The "Un-Break My Heart" hitmaker Toni Braxton was approached by editors of the men's publication to strip off in January, three months after filing for bankruptcy.
But the star is hesitant to agree to the lucrative deal because she worries her young boys Denim and Diezel will get teased about the sexy spread at school.
Speaking on U.S. talk show "The View" on Friday, she says, "I'm thinking about it. I haven't said yes. One of the reasons why I'm considering, or I guess I should say basking in the moment, is because I'm older now..."
"I'm totally flattered, like, 'You want me to be a cover girl?' I haven't made a decision... because my kids are in the booby stage (at) eight or nine (years old). They just discovered (them). 'Mummy, boobies, boobies!' I don't want their friends to say, 'I just saw your mum's boobies.'"
In a series of posts on her Twitter page earlier this year, she wrote, "I would love to pose with (Playboy founder) Hugh Hefner though. He's the sexiest guy I know over 30... Of course it will be tastefully done... Just a lil T (t**s) and A (a**). They have asked me about 3 times before."