The Ejisu constituency is currently without a Member of Parliament (MP) following the unfortunate passing of its lawmaker John Kumah.
Speaking to Onua TV, Nyantakyi said he was done with sports and was now aiming to serve in public office.
He also revealed that he would readily accept to become Sports Minister if the next NPP government offered it to him.
Nyantakyi served as GFA president for 13 years, before a documentary on corruption by undercover journalist Anas Aremeyaw Anas led to his resignation in 2018.
The former football administrator recently hinted at contesting for the vacant Ejisu parliamentary seat and has now revealed that he would accept to become Sports Minister under the next NPP government.
“If NPP comes and they make me a Sports Minister, I may consider it but if the NDC comes and they consider me, it will be difficult,” Nyantaktyi told Onua TV.
On vying for public office, he added: "Politics is the ultimate. In all we do...you need political guidance. I have excelled in Sports. You can't mention three or four people who are famous in sports in Ghana without adding me. I have reached the pinnacle of my career in sports.
"Apart from Ohene Djan, no one has ever reached where I did in sports. No Ghanaian has served on the FIFA Council. I was the second person after Ohene Djan in the 1960s."
It will be recalled that, in 2018, Nyantakyi was captured in Anas’ ‘Number 12’ exposé allegedly taking cash gifts and peddling influence.
This led to him resigning as GFA President, as well as losing his positions as FIFA Council Member and 1st Vice President of CAF.
Nyantakyi was subsequently handed a lifetime ban and fined 500,000 Swiss Francs by FIFA in the aftermath of the exposé.
He was also charged with conspiracy to commit fraud, and corruption by a public officer, but was later granted bail with some sureties.
Although his lifetime ban was subsequently reduced to 15 years following an appeal to the Court of Arbitration for Sport (CAS), Nyantakyi’s reputation took a major hit.