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Sugar Ray Leonard is shadow-boxing again, and not just with the press.

Leonard, who is at the U.S. Olympic Boxing Trials here as an adviser to the team, looks lean and taut at 153 pounds, very much like a fighter preparing for yet another comeback.And it is a perception Leonard is not going out of his way to deny.

"I'm not ruling it out," Leonard said Wednesday after taping a television segment instructing some of the Olympic hopefuls. Leonard, dressed in a sleeveless T-shirt and black nylon biker shorts, appeared in better shape than most of the fighters he was working with.

He easily moved around the ring with them and admitted he had been in the gym recently, "just to stay in shape."

And yet, there are rumblings that talks have been conducted about possible Leonard fights against World Boxing Association middleweight champ Sumbu Kalambay, or World Boxing Council light-heavyweight champ Donny LaLonde.

A boxing man in Miami says Leonard's people have called him looking for sparring partners.

Sources say that Top Rank promoter Bob Arum has made overtures about Leonard-Kalambay, and that Leonard's own people have made inquiries about a fight with LaLonde at 168 pounds if an arrangement could be worked out for two titles to be at stake - LaLonde's and the vacant WBA super-middleweight title.

That way, a Leonard win would give him five world titles.