Michael Cardenas, who was recently asked by the Reagan administration to resign as chairman of the Small Business Administration, is under consideration by the White House for appointment to the board of the National Credit Union Administration..

According to a former aide, the position is just one of several options the White House proposed to Cardenas a few days before it asked him to quit. Along with the resignation request Cardenas received a letter from President Reagan saying he "looked forward to your continued participation in the administration."

Cardenas, the highest ranking Hispanic in the administration at the time of his resignation, is under government investigation over charges of conflict of interest in the awarding of SBA contracts to his own SBA appointees.

The White House refused to confirm that Cardenas' name would be submitted for the post of NCUA board member. But when asked if Cardenas had taken his name out of the running, an executive assistant to E. Pendleton James, assistant to the president for presidential personnel, responded: "It would be news to us if he Cardenas has declined." Cardenas could not be reached for comment.

The executive assistant, Tad Tharp, called Cardenas "a good friend of the administration."