HONOLULU--Deposed President Ferdinand Marcos indicated in a telephone conversation with President Reagan that he would like to return to power in the Philippines, but Reagan "said nothing to encourage him," a senior U.S. official said yesterday.

The official, speaking on condition he not be identified, described what he called an emotional conversation between the two on Saturday after Reagan arrived in Hawaii, where Marcos has been in exile since he was ousted by Corazon Aquino in February.

Marcos, the source said, got "a lot off his chest" in the 10-minute talk initiated by Reagan. The former Philippine president knew Reagan would be calling and prepared what he wanted to say, the official said.

The source said Reagan was sympathetic and listened quietly as Marcos spoke. But the president told the 20-year ruler of the Philippines, whom he regards as an old friend and ally, that "the Philippine people have made their decision and ultimately it is their decision" to make, the official recounted.

The source added, "Reagan said nothing to encourage him" to think a return to power was possible.

A source in Manila, who called Marcos on Saturday, quoted Marcos as saying the talk with Reagan was "friendly, congenial, productive and fruitful." The two men discussed Marcos' situation "realistically," but Marcos did not elaborate, according to the source, who spoke on condition of anonymity.

Yesterday, Marcos spoke by telephone to a cheering crowd of about 12,000 followers in Manila, telling them he was the legitimate president of the Philippines. He urged them to demonstrate peacefully against the Aquino government, and said, "I am healthy....I am ready to fight."

Marcos was toppled after a disputed national election in which both he and Mrs. Aquino claimed victory. With widespread evidence of fraud, key military leaders deserted Marcos, who after a tense two days, averted possible civil war by accepting a U.S. offer of safe haven.

After Reagan and Marcos spoke, the men's wives came to the phone and spoke privately for several minutes. A local television crew recording the Marcos' end of the conversation showed Imelda Marcos weeping, as she often has in public since the ouster.

The U.S. official said White House staff members were "disturbed and surprised" to learn Marcos had permitted a television crew to witness the conversation, which the source said was arranged as a private talk between friends.

Reagan, staying here at a private beachfront residence a short distance from where Marcos has been living in exile, has no plans of meeting face-to-face with the ousted leader, aides said.

However, he has invited Mrs. Aquino to visit the United States. That visit will probably take place next fall, said presidential spokesman Larry Speakes.

Reagan, taking a slow route to Tokyo for next week's sevennation economic summit, spent yesterday resting before heading for Bali, Indonesia, to meet with with leaders of the six-nation Association of Southeast Asian Nations (ASEAN), including a representative of the Philippines.