"I don't rely a whole lot on my gut, because I have to look at what it says and what the law says and take that information and do the right thing," Brewer told CNN on Monday night. "But I can assure, as always, I will do the right thing for Arizona."
Brewer said she has until this weekend to decide what to do with the bill.
The bill came about in response to a New Mexico Supreme Court ruling against a wedding photographer who declined to work at a same-sex couple's wedding. It allows businesses to deny service to gay customers if they feel it violates their religion.
Update 11:06 a.m.: NBC News is now reporting that Brewer is likely to veto the measure, citing people close to the governor.