NEW YORK—The Trump administration is considering staying in the Paris agreement to fight climate change “under the right conditions,” offering to re-engage in the international deal three months after President Donald Trump said the U.S. would pull out if it didn’t find more favorable terms.

During a climate-change meeting Saturday of more than 30 ministers led by Canada, China and the European Union, in Montreal, U.S. officials broached revising U.S. climate-change goals, two participants said, signaling a compromise that...