The Ulster Unionist Party leader said he was “on the cusp” of quitting amid controversy over historical tweets.
Doug Beattie said he offered to resign on Monday but close colleagues in the party urged him to take the time to consider his future.
Mr Beattie has faced accusations of misogyny and racism over the content of tweets posted before he entered political life.
He said he would now be asking various decision-making groups in the UUP whether he should resign.
The Upper Bann MLA conceded that the posts, the majority of which were written around a decade ago, were “horrendous and horrific”.
Asked how close he came to resigning, Mr Beattie said: “On the cusp. I have a few very close friends who rang me – because I had withdrawn – and gave me advice.
“I offered my resignation and people said, ‘Let’s engage and see where we go’.”
Mr Beattie told BBC Radio Ulster: “I will speak to my MLA group today and I will speak to my party officers through my chairman, Danny Kennedy, and if either group feels I should step down then I will.
“Likewise, if they think I should refer myself to the party executive or the wider council on a vote of no confidence then I shall do that as well, and the party will decide whether or not they can follow my leadership.”
Mr Beattie denied being racist or misogynistic.
He said he is “extremely embarrassed and extremely ashamed” about the tweets.
The ex-soldier suggested the “dark and black humour” he used may have been a “coping” mechanism and reflective of him being “desensitised” by battlefield experiences.
“My mental health has been affected by what I have seen and what I have done,” he said.
“I don’t want anybody to think I’m giving an excuse because I am simply not. It was wrong and I am deeply sorry.”
Mr Beattie said he is asking his party for a second chance.
“Whether or not my party feels that I am the leader who can lead them into the election and beyond will be their decision and I will abide by that decision,” he said.
“If the party want me to stay, I will still be the leader next week. If they don’t want me to stay, I will not be the party leader next week.”
He added: “I am asking people to look at the person I am now and not judge me on the person I was 10 years ago.”
The furore erupted on Saturday evening when Mr Beattie tweeted a joke that referred to the wife of political rival Edwin Poots and a brothel.
Mr Poots, DUP Stormont minister, said his wife was “disgusted” by the post, which Mr Beattie deleted and apologised for.
He reiterated that apology on the floor on the Assembly on Monday, insisting he was “truly sorry”.
The controversy escalated after focus turned to Mr Beattie’s historical conduct on Twitter with a series of derogatory remarks about women, Muslims members of the Travelling community, and people with mental health issues unearthed.
The dramatic turn in fortunes for Mr Beattie came just hours after a newspaper opinion poll indicated he is the most popular political leader in Northern Ireland.
Mr Beattie said his confidence has been rocked by the controversy and he has isolated himself from friends and loved ones.
“I have to pick myself up and come out of the shadows and face this head on,” he said.
