The 30 Rock star had told the New York Times earlier this year that he was considering running for office in 2013.
However, speaking on the Late Show with David Letterman last night, the actor played down his political aspirations.
"It's the old adage you hear from people who are interested in politics," he said. "I would like to be mayor, I don't know if I want to run for mayor. Running for mayor and being the mayor are two completely different things."
He added: "My life is changing. I'm going to do the show for another year and beyond that… I have a woman in my life now, my girlfriend is very important to me."
Baldwin later introduced girlfriend Hilaria Scott, who was watching the show backstage, to the audience, quipping: "Running for mayor is something I'd love to do, but I want you to think about this - would I rather be handcuffed to the emergency command centre in Maspeth during a hurricane holding down the fort... or would I rather spend some of that 30 Rock money travelling the world with my girlfriend?"
Baldwin will guest host Saturday Night Live's new season premiere on September 24 on NBC.
Watch a clip of Alec Baldwin talking to David Letterman below: