The former Ivory Coast international looks set to be offered a 12-month extension to his current contract, which expires in June, but he is considering his options, with a move away for more game time an option.
"We're still talking. My agent is talking to the club," Toure told reporters.
"We will see in a few days. The club have to think and I have to think as well. I need to think very hard and then take a decision and stick with it.
"It's very important to know what you are facing, whether you are going to be part of the team or just a squad player. I need to do the right thing for me and my family."
Toure is now behind midfielder Emre Can in the pecking order, who has performed well as part of Brendan Rodgers' revamped back three, but the veteran is full of praise for the German youngster.
"He is young but really good. He is a leader. When you are on the pitch, you can see by the way he plays he is really confident and he talks on the pitch as well," the Ivorian enthused.
"Right now, Jordan Henderson is very good as captain but there is no doubt this boy is going to be a king here because he is a top player and can make a difference on games.
"He can score goals, his work rate is amazing and there is no better player."