Mr Eastwood told the BBC’s The View programme it was never his political ambition to enter the House of Commons.
However, he said there was pressure from within the party for him to stand.
“This is not about me or my political future, it is about the people of Derry who have been starved of representation at a time when they need it most,” he said.
“I watch the votes and debates on Brexit at Westminster and there is no one there to speak for us, the only Derry voice in the chamber is Gregory Campbell.”
However, Foyle MP Elisha McCallion, who was selected by Sinn Féin on Wednesday night to contest the seat, defended her record.
“I’m a proud abstentionist MP,” she said.
“I have never seen a case where any nationalist MP has made a difference to any vote in Westminster especially now at a time when the British government won’t even allow their own people to have a say on Brexit,” she added.
“If anything, the behaviour of the current British government has vindicated Sinn Fein’s abstentionist policy”
Ms McCallion was elected in 2017, defeating the former SDLP MP Mark Durkan by just 169 votes.
The SDLP had held the seat for the previous 34 years.
It is understood a number of SDLP politicians had expressed an interest in contesting the Foyle seat.
They included assembly member Mark H Durkan, his sister, Councillor Mary Durkan and former mayor Councillor John Boyle.
But if, as expected, Mr Eastwood decides to stand his selection will be ratified by the party.
It is understood that process could happen before an election has been formally called and a polling date set.
Meanwhile, the DUP has warned that the SDLP will not be able to count on unionists voting tactically to win back the seat.
Foyle MLA Gary Middleton, who is expected to contest the Westminister seat for the DUP, said unionists who had traditionally backed the SDLP to keep Sinn Féin from winning the seat had deserted the nationalist party in 2017.
“The SDLP, in the past, have said these types of elections will be used as barometers for border polls and that is a dangerous line to go down if they want to win support from unionists,” he said.
“My sense is that unionists will put the union first and ignore the SDLP,” he added.