The ex-Ukip boss, who dramatically quit after the EU referendum, said he would return to the top job if the PM doesn't change tack.
He told his LBC listeners this evening that he would have no choice to do so if by next year we were still no further towards it.
The ardent Brexiteer, who fought for years for a referendum on our EU membership, said: "Unless Brexit is back on track by then, I will have to seriously consider putting my name forward to return as Ukip leader.
"I never thought I would say that again, but the government’s sell-out leaves me with no choice."
His threat comes on the same day Mrs May faced the biggest challenge to her authority yet – as Boris Johnson, David Davis and a string of junior ministers quit in protest at her Brexit plans.
The ex-Ukip boss, pictured here with Donald Trump, said he would have no choice but to return to frontline politicsMr Farage went on:"I never wanted a career in politics.
"I only ever wanted to stop the country I love being sucked further into a political and economic union which is most unnatural to the instincts of the majority of my fellow citizens."
"The latest Brexit betrayal must be reversed."
He added later in a tweet: "The will of 17.4m voters must be carried out."
Around a year ago Mr Farage first claimed that Brexit was starting to be betrayed – and now says he's never trusted Mrs May either.
The Prime Minister faced the most difficult day of her premiership so far today.
She is now facing grumblings from Tory MPs who could sign letters of no confidence in her, which could then trigger a vote.
But Brexiteer MPs who are unhappy with her Chequers Brexit plan are not saying they want her to go, but that she should change her blueprint for our EU exit.
A leadership election or another General Election would be a nightmare for MPs – especially in the middle of negotiating Brexit.
Mr Farage said earlier he wanted her to go.
He tweeted: "Well done @DavidDavisMP. May's response shows that she is controlled by the civil service.
"For Brexit to succeed we must get rid of this awful, duplicitous PM."
He predicts she'll be gone by the end of the summer.
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