Aspects of a method and system for utilizing a 10/100/1G/10GBase-T PHY device for single channel and shared channel networks are provided. In this regard, at least one switching element may be utilized to configure an Ethernet over twisted pair PHY device for communication over a single and/or shared channel. The switching element may enable switching between a transmitter being coupled to a shared channel and a receiver being coupled to a shared channel. Additionally, the switching elements may be based on whether the transmitter is connected to a standard 10/100/1G/10GBase-T network, or to a single and/or shared channel network, for example. In this manner, the configured PHY device may remain compatible with existing Ethernet networks. The PHY device may be configured externally and/or internally. The polarity of transmitted and/or received data may be configured based on a polarity of data received from a shared channel.