Despite criticism from the former treasurer towards Angus Taylor's handling of the party, MPs insist the opposition leader was the right choice to lead the coalition to the next election.
Mr Frydenberg used an interview to criticise Mr Taylor's handling of the Liberal Party, saying he had contributed to its polling being at an "all-time low".
"Things have to change, because there's something existential about the threat that I think the party now faces," he told Nine's 60 Minutes.
"(Mr Taylor is) getting (criticism) from lots of corners. People are saying that the Liberal Party needs to do better."
Excerpts from Mr Frydenberg's memoir, which is likely to contain policy suggestions, are fuelling rumours he plans to make a political comeback.
"Look, I certainly haven't closed the door, but I don't need to rush to a decision,'' he said.
"The next election is 18 months away."
But the opposition leader said he would welcome the political return of Mr Frydenberg, despite the attack on his leadership.
"I welcome every Liberal who cares about the future of our nation - and I know Josh does - to put shoulder to the wheel in the coming months to get rid of a rotten Labor government and make the change that Australia needs happen," he told reporters in Canberra on Monday.
"I ask all Liberals and Nationals and people who are supportive of our view about where the country needs to go … to get in there and help in any way they can."
Opposition energy spokesman Dan Tehan said the party was behind Mr Taylor.
"I've got to say, Angus Taylor is doing a first-class job," he told News24.
"Obviously, he took over in very difficult circumstances.
"What we've been able to do in articulating policies is putting us right back in the game."
Liberal backbencher Leon Rebello said Mr Frydenberg would have a lot to contribute to parliament should he return.
"Josh Fryenberg has contributed enormously, not only to the Liberal Party but also to our side of politics more broadly and to this parliament in his role as a former treasurer," he said.
Shadow treasurer Tim Wilson encouraged people to "put themselves forward" as candidates to create a stronger Liberal Party.
"I encourage them to do so, so they can be part of a winning team," he told ABC Radio.
"What we need is people who've got courage in their hearts and are prepared to make the sacrifices necessary for public office."
Prime Minister Anthony Albanese used Question Time to propel Mr Frydenberg's comments into parliamentary conversation.
"You've got a predecessor out there campaigning openly, campaigning openly against the front bench on the other side, saying that they're not up to it," he said.
Mr Frydenberg held the seat of Kooyong for 12 years from 2010 and was treasurer in the Morrison government, including through COVID-19.
He lost the seat to independent MP Monique Ryan at the 2022 election, in which she won almost 53 per cent of the two-party preferred vote.
Dr Ryan appeared unfazed by his possible return.
"He was the member for that seat for 12 years and in 2022, our community rejected him because they were so frustrated with his inability to affect any change to government policy on climate change," she told Nine's Today program.
"People were unhappy with his economic management."
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