The 29-year-old, who came through Zamalek's youth ranks, left the Cairo giants last month after the club opted not to offer him a new contract.
He initially accepted an offer to join newly-promoted side Military Production but he is now having a change of heart.
"When I wore Military jersey for the first time, I cried. I don't imagine myself playing for any club other than Zamalek," Aboul-Ella told FilGoal.com.
"I'm still weighing up my options. I may wait for an offer to play outside Egypt but if it didn't come up I will either join Military or retire from football."
Aboul-Ella is one of Zamalek's old guards who helped the club win a host of local and continental titles between 2000 and 2004.
He could follow in the footsteps of veteran striker and Zamalek's all-time top scorer Abdul-Halim Ali, who retired last month before becoming the team's assistant coach.