New York Congressman Anthony Weiner was previously a candidate for the job, but his recent Twitter scandal, in which he accidentally posted a picture of himself wearing boxing shorts, will likely deter him from running.
A friend of Baldwin told The Daily that the scandal has encouraged the 30 Rock actor to consider running for the mayoral position.
"Alec said, 'Hey, maybe this changes the race. The dynamics have shifted'," the friend said. "The Democrats need a high-profile candidate, and Alec can fill that bill."
Baldwin's own representative Matthew Hiltzik confirmed the news, according to The Hollywood Reporter.
"I wouldn't rule it out," Hiltzik said.
The 53-year-old has reportedly been thinking about running for public office for years.
Baldwin recently insisted that acting is like any other job, stating that he finds it bizarre to live other people's lives.
In May, the actor hinted that he wanted to try something different once he leaves 30 Rock, possibly referring to a political career.