South Africa's opposition has called repeatedly for Selebi to be sacked over the country's high crime rates and his links to convicted drug dealer Glenn Agliotti.
Selebi, who is also president of international police organisation Interpol, has denied allegations of any links to organised crime.
National Prosecuting Authority acting director Mokotedi Mpshe told the radio station he wanted to meet with Justice Minister Brigitte Mabandla over the possible arrest of Selebi.
South African President Thabo Mbeki, who is seeking to be re-elected as leader of the ruling African National Congress at a December 16-20 party conference, has stood by Selebi.
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