Mr Key said he had not yet seen advice from his officials but it was feasible there was some risk to the interpreters if they remained in Afghanistan.
The interpreters would have to bring in their wider families, but how many and whether they would be brought in under the refugee migrant quota were among the issues to be considered.
Labour leader David Shearer today called for the interpreters to be offered the chance to resettle in New Zealand, saying there was no doubt their lives would be in danger once Kiwi troops pull out.
"We cannot abandon these people. They have risked their lives working with our soldiers on the ground. We have a duty to help them," he said.
Mr Shearer has worked in conflict zones overseas and said he knew first-hand how important interpreters were.
"Not only do they help with communication in often volatile and dangerous situations but they also use their local knowledge and contacts to identify risks and to protect those working with them."
Labour's foreign affairs spokesman Phil Goff said there was an ethical and moral obligation to look after the interpreters and their families.
He said Canada was offering Afghan interpreters who had worked with their soldiers and diplomats a new home in Canada.
"I call on our Government to follow that example."
Defence Minister Jonathan Coleman has spoken to five of New Zealand's interpreters and received a letter from them asking for asylum in New Zealand.
He said in April he would look seriously at the risk told them there was no guarantee they could come to New Zealand.