The FA would support any credible challenge to Blatter, according to senior figures inside the organisation though the board have yet to take a formal position.
Bin Hammam has until March 31 to launch a challenge but is weighing up his chances for Blatter remains in a strong position.
The Qatari had hoped another challenger would emerge that he could back and he had promised to support UEFA president Michel Platini if he stands.
Bin Hammam told the Guardian: "The FA declaration is very encouraging. Now people expect me to say something."
Asked about whether he would stand against Blatter, he replied: "People have to try change. Change is good."
He added: "Within 10 days I will formally declare whether I will stand or not.
"I would 100% support someone else. I have not spoken to Michel Platini for a long time but I told him that if he runs he'd have my full support. That remains the case."
He added: "I am happy with [support in] most confederations but I don't know about Europe and how they will deal with my candidacy.
"Europe is the core of football. I would like now to make a real assessment in Europe."
Bin Hammam said he would make a decision before the UEFA Congress on March 20.
The FIFA presidential election is due to take place in Zurich on June 1.