The 65-year-old star moved to the US 35 years ago and is currently only allowed back for 90 days each year.
However he now wants to raise his son Alastair, four, and his unborn son in the UK with his model wife Penny Lancaster.
Speaking to Piers Morgan on one of his Life Stories shows, he said: 'There will come a time. Penny and I have talked about it and she wants Alastair to be educated in Britain - and the newborn.'
Stewart left the country to escape the tax levels that were introduced by Harold Wilson's Labour government and he said he was upset when he was 'tricked' into leaving by his manager.
He said: 'I went to California and my manager said: 'You have to stay here for a year and you can't go back.' I was so close to my family and the football and my mum and dad were still alive but I am glad I went.'