The Department of Health is considering three options in relation to lifting a lifetime ban on blood donations by men who have sex with other men.
The department says it has received a policy review from the Irish Blood Transfusion Service (IBTS).
Health Minister Leo Varadkar will now consult with the chief medical officer and patients, before making a final decision.
"It is patients that ultimately take the risk, however small, and not those who donate," the department says.
The report gives three options: The status quo, lifting the ban entirely - which would double the risk - although it would still be a very small risk.
While the third option is introducing a one year deferral.
The department says this could be achieved without additional risk to patients - provided that compliance could be assured "in some effective way."
"My initial impression is to favour a one-year deferral which would bring Ireland into line with many other English speaking countries, but I will first get advice from the chief medical officer, and hear the voices of patients, before making a final decision," Mr Varadkar said.
The ban was introduced in 1985 as part of a worldwide response to the emergence of HIV and AIDS.
Tiernan Brady, policy director with gay rights group GLEN, said the comments represent a significant and positive new approach.