King, who won team pursuit gold with GB at London 2012 and is a three-time world champion in the discipline, has focused on the road since 2014.
Southampton-born King, 26, represented England at the 2014 Commonwealth Games but is now based in Wales and meets the qualification criteria.
"It is a possibility," King said.
"It's still being decided at the moment."
King trains in Cardiff and is engaged to Welshman and former rider Matt Rowe, brother of Team Sky cyclist Luke Rowe.
"I think my major target would be the road, but I'd like to think I could go well in the bunch races on the back of road training and specific track training as well," King said.
"At the moment I'm focusing on the road, but I do miss racing on the track."
King was left out of British Cycling's plans for Rio 2016 having won gold four years earlier with Laura Kenny and Joanna Rowsell-Shand.
The four-rider, four-kilometres team pursuit - one rider and one kilometre was added to the women's event in late 2014 - is part of the Commonwealth Games programme.
Wales could potentially have a a strong team with 2016 Olympic champion Elinor Barker, world medallist Ciara Horne, Manon Lloyd and Amy Roberts also in contention.
"It's whether it would fit with my specific target and also whether I'd be good enough to slip into a team pursuit line-up," King added.
Olympic gold medallist Dani King could cycle for Wales at the 2018 Commonwealth Games, having previously represented England.