At this point, it is difficult to see that scenario as likely. But in an election season sure to be full of surprises, the possibility cannot be ruled out.
Monti started his press conference, hosted by the Roman Order of Journalists, as if he was planning to stand in the elections, repeatedly defending the record of his 13-month-old government, reminding people how dire the situation was when Berlusconi stepped down in November 2011.
He compared the crisis to the one Italy faced in 1945, with the country ravaged by World War II and its political institutions destroyed.
"No leader since (Alcide) De Gasperi has faced a crisis as serious as this one," Monti said, referring to the Italian statesman who served as prime minister from 1945 to 1953, who oversaw the country's evolution from a monarchy to a republic, and headed Italy's delegation at the WWII peace conference.
In recent weeks, Berlusconi has repeatedly criticized Monti for being "obsessed" with the so-called spreads, the difference between Italian and German 10-year bond yields.
"I don't want to talk too much about the spread, but it should go without saying that if the spread is half as large now as it was on Nov. 9, 2011, then that is a statement about the country's economic health," Monti said.
Monti said as a result of his government's reforms, "Italians can once again hold their heads high as European citizens." But he was much less eager to speak about his plans for the election, leaving the door open to a returning to a leadership role under certain circumstances.
"To those who show a certain and credible adherence to the Monti agenda, I would be ready to give my advice, my encouragement, and, if necessary, my leadership," Monti said.
With Monti out of the field, at least for the elections, the leading candidates are head of Italy's center-left Democratic Party Pier Luigi Bersani, head of the populist anti-austerity Five Star movement Beppe Grillo, and Berlusconi, whose offer to let Monti run as part of his party was spurned.
Bersani appears to have the most support, according to pollsters, but his lead is far from commanding.