Spain receives Copa America invite
"Yesterday we received the official invitation, and we don't rule it out," Villar (pictured) said at an event in Barcelona, according to local media.
"Next week or the week after we will determine at a meeting of the board of directors whether we will accept the invitation," he added.
Japan withdrew from the tournament in Argentina in July after the Asian country's northeastern coast was devastated by an earthquake and tsunami last month.
They were drawn in Group A with the hosts, Bolivia and Colombia.
"I don't rule anything out when the request is made with affection and love, but at the same time taking into account the difficulties," Villar said.
"That doesn't mean we are going or not, but as president I have the obligation to take it to the board."