Nasheed became the first democratically elected president of the Maldives in 2008, but lives in exile in London after he was jailed on terrorism charges that he says were politically motivated.
"I don't think I can return home without risks. I don't think there will ever be a time for that," the 49-year-old told AFP during a visit to the Sundance Film Festival in Utah.
"I guess I'll have to take the risks and do it, if I were to do it."
But in September he indicated he wanted to bury the hatchet with Gayoom, amid reports of a rift between the former strongman leader and his half-brother, current President Abdulla Yameen.
"We are still working on it. What we would really like to see is a free and fair election - not necessarily changing the government now," he told AFP.
"I don't think we will have a free and fair election as things stand now. So we will have to have the whole opposition together and come out with a single candidate."
"It's already happening in the Maldives, it isn't something that is going to happen. We are already going through it," said Nasheed, adding that 16 of the 196 inhabitable islands already needed to be evacuated.
Nasheed is pushing for the Maldives to use its own resources, rather than international aid, to bolster its defences against rising seas and coastal erosion.
"To do that, we must have investor confidence, for us to bring the money into the country. It is my view that we have enough resources," he told AFP.
In October last year the country was ordered by an arbitration panel in Singapore to pay Indian construction firm GMR USD 270 million after cancelling a contract to build the airport near Male.
Nasheed says the government reneged on the deal to allow another company paying big backhanders to step in.
The politician is at Sundance to take part in a climate change discussion panel tomorrow with former US president Al Gore, now a celebrated environmental champion.
The Maldivian rails against the argument forwarded by developing economies such as India that they are entitled to as many years of polluting the environment as the West was allowed. "This is like saying the West has brought us to the brink and therefore now the developing countries must have the opportunity to push us off the cliff," he told AFP.
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