Taufatofua represented his country in taekwondo at Rio 2016 and also featured in cross-country skiing at the Pyeongchang 2018 Winter Games.
He went viral as Tonga's flag bearer in Rio, having completed the task shirtless and oiled, and now appears keen to compete in Tokyo in an aquatics event.
"I will, hopefully, be the first male in history to do three completely different Olympic sports in three different arenas," he told Radio New Zealand, as reported by NZ Herald.
"One of the biggest things I do is set dreams which are impossible and then find a way to get there."
Last year, Taufatofua said he wanted to compete in taekwondo again at an Olympics, but suggested he could appear in another sport.
The 35-year old's first appearance at the Games ended in disappointment, as he exited the men's +80kg taekwondo in the first round.
Taufatofua's winter attempt was not much better, seeing him finish 114th out of 119 in cross-country skiing.
He had controversially earned the majority of his qualification points for Pyeongchang in roller-ski races.