"I'm preparing as if I'm going to keep playing," Waugh said.
Waugh, 38, had considered hanging up his bat after leading Australia to success over England in the last Ashes series but opted to play on.
He led Australia to victory in West Indies and dispelled any concerns about his form with a series average of 75.
Bangladesh is the only Test-playing nation Waugh has not played against and the lure of completing the full set has obvious appeal to him.
"I haven't made a final decision but it's all very positive. I'm pretty keen," he said.
While the Australians are regarded as one of the finest teams in modern cricket, Bangladesh have not won a single Test and have little real hope of breaking their duck against Waugh's side.
The two-match series shapes as a massive mis-match but Waugh defended Bangladesh's right to Test status, saying they deserved the chance to compete at the highest level.
"You've got to give them opportunities," Waugh said.
"Sri Lanka is a perfect example, I think in only 10 years they won the World Cup so anything is possible.
"It's just a matter of having faith in these teams."
Waugh's twin brother Mark also ended speculation about his immediate playing future when he signed to a one-year contract with New South Wales on Friday.
Mark quit international cricket last October when he lost his place in the Australian team before the Ashes but has continued playing first-class cricket.
