The heavyweight legend made a sensational return to boxing last year by fighting Roy Jones Jr in an entertaining exhibition which ended in a draw after eight rounds.
But the 55-year-old could not take the idea of fighting Paul, 26, seriously when the subject was broached in an interview with Yahoo.
Mike Tyson has laughed at the thought of facing Logan Paul, who is 29 years younger than him
Youtube sensation Paul has divided the boxing community since making a leap into the sport
‘You’re talking to me? About taking on..[Paul]’ Tyson said before laughing.
‘Maybe. I’m an old man, you know? I don’t know what I could do now.’
But the former heavyweight champion left the possibility of a money-making fight with Paul in the air, adding ‘anything is possible’.
While Paul’s emergence as a boxing personality has enraged some purists, he has proved capable of bringing in new viewers and plenty of money too.
Tyson made a long-awaited comeback to the ring last year to fight Roy Jones Jr (left)
Paul held the undefeated Floyd Mayweather to a draw in a money-spinning exhibition this year
His exhibition with Floyd Mayweather earlier this year attracted one million pay-per-view subscribers, earning $50million (£36m) in total.
And Tyson believes a potential fight with Paul could be a huge boost for charities.
‘Anything is possible, you know, because by doing this we have a great exponent of charities to give to so the charities win both way,’ Tyson added.
Tyson’s fight with Roy Jones Jr made $80million (£58m), with Tyson claiming he would give $10million (£7m) in proceeds to charity.
Tyson also spoke about his love of cannabis, adding ‘I should have smoked when I was fighting’
Tyson also opened up again about the positive impact he has had from using cannabis and psychedelic drugs, saying he wished he had taken up smoking weed at the height of his career.
‘I should have smoked my whole career,’ Tyson added.
‘I should have smoked when I was fighting because it put me in this different state of mind. I’m very relaxed and the more relaxed you are, the better fighter you are at least in my case.’