BJ Penn was beaten up on his feet by Nick Diaz © Getty Images Enlarge

BJ Penn admits he only needs to feel the fighting buzz once again in order to reverse his decision to retire from the sport of MMA.

Penn, one of only two dual-weight UFC champions alongside Randy Couture, bowed out after his recent UFC 137 defeat to Nick Diaz. The loss meant he had won only one of his last five fights - something that did not sit well with the Prodigy.

"It's time for me to call it a day," he said inside the Octagon. "I have a daughter, another on the way, and I don't want to go home looking like this."

However, general consensus is that Penn still has the talent to compete at the very top. His losses have largely come at welterweight, with Frankie Edgar the only lightweight to beat Penn in nine years.

Edgar twice earned decisions against Penn, and the Hawaiian admits he should have taken a break following those losses. This time he will break from the sport, but it appears likely that he will be tempted back in the future.

"I kinda think this is something that I should have done after the first Frankie Edgar fight," Penn told Inside MMA. "A bunch of my coaches pleaded with me to step away from the sport, take some time off.

"I don't really like the results I've been getting. Take some time off. Take some time away from the sport. If I ever feel it again, I'll come back."

UFC president Dana White had already previously stated his belief that Penn might return, saying: "What he's thinking tonight he might not think eight weeks from now."

Couture himself performed a U-turn on his decision to retire when he ended a year-long absence from the sport to defeat heavyweight champion Tim Sylvia in 2007.

© ESPN Sports Media Ltd.