Mahon, who joined the Magpies last summer, has found his first-team opportunities limited this season, making just seven substitute appearances in the League 1.
The 35-year-old admits he is frustrated by his lack of game time but was persuaded to stay at Meadow Lane and fight for his place by manager Keith Curle.
However, Mahon may try to revive a move to Vale in January if his situation does not improve.
The former QPR man told the Nottingham Post: "Port Vale are flying high and are half-an-hour away from where I live, so it was tempting because I'm at an age where I want to be playing.
"I spoke to the gaffer and he said he wanted me to try and get in his side and come January, if things haven't changed, then he would understand it.
"I told him the last thing I want to do is leave a club like Notts County, but when you get to my age you have got to play, especially if you want to go on and play next season.
"Everyone knows how hard it is when you're out of contract and you haven't played many games in a season, so we'll have to get to January and see where we go from there."
Mahon added: "You wonder if you've made the right choice sometimes, when you travel halfway across the country to get splinters in your backside. But that's football, you have to wait for your chance to come."