The pair have famously clashed in a series of appearances on each other's talkshows over the years, but O'Reilly admitted that he finds Stewart's comedic take on the news entertaining.
O'Reilly told Parade: "Stewart would get hired in a minute on most of the cable news shows. I'd hire him.
"He's good and witty, and he has a big following. If you get ratings, they're gonna take you in."
Watch Bill O'Reilly's 2011 interview with Jon Stewart below:
The O'Reilly Factor host also revealed that the person he would most like to interview is former US President Bill Clinton.
"The only guy who hasn't stepped up is Bill Clinton. I'd love to talk about foreign affairs with him. He just doesn't want to be bothered, I guess," he joked.
O'Reilly was recently criticised by fellow pundit Keith Olbermann, who accused the Fox News anchor of failing to admit factual errors.
The O'Reilly Factor airs weeknights at 8pm ET on Fox News.
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