Grandison, who played 174 games for Town and won two promotions in just over five seasons at the club, has not played a competitive match since April 2016, just before leaving Shrewsbury.
The flamboyant defender joined Colchester after a trial following his Town release but, after aggravating a hip injury in training which required surgery, was told by his surgeon he would have to call time on his playing days aged just 26.
But, now 30, the Birmingham-born former Coventry youngster has revealed there remains a part of him not ready to turn his back on the game – but only if he was able to reach the levels he achieved previously.
“I had a hip impingement and tore the ligament in my hip and a fractured femur, I had hip arthroscopy, did the rehab, but it didn’t make a difference,” Grandison told the Shropshire Star.
“I just thought it was another injury but it was the same I’d had surgery on previous, there was a lot of damage.
“It was very difficult, when the surgery sat with me and said you should probably retire it was a big shock and I never expected it. It was tough for a few months still wanting to play really badly.
“But you get over it in time, I played through issues in the promotions.
“If there is any time I come back it will be this season, I still haven’t ruled it out. A lot of days when I wake up I think ‘I should give it one more go. I still get some clubs contact me to train.
“I’m weighing it up, if I do it it needs my 100 per cent and to be back to my best, not just take part. I would want to do well and be back in the league.”
The defender, whose name is still regularly chanted in the stands at Town games, recently moved from Telford to Cardiff and has a son, Rico, aged three.
He has passed his personal training qualifications and is also looking into opening up a PT business.
Grandison was offered the chance to train with Shrewsbury while he still lived in Shropshire by former boss Sam Ricketts.