The comedian revealed that he would like to do "something decent" in the political world, and hopes to "fight for humanity" in 2020.
He said: "It is seven years ahead but I am a transvestite with a career – you have to plan.
"I will put comedy in hibernation if I can do something decent in politics."
He added: "I saw one poster during a marathon saying 'One life, live it' so that is what I'm trying to do. I am going to fight for humanity.
"I am proud to be British and European. I want us to be one and all of us doing well, not just one small group.
"I think I can get elected. People will grumble and say, 'Oh you were interesting but now you are boring', but I will try and do it with a good heart."
The actor made the revelation on The Jonathan Ross Show, which airs at 9.45pm tomorrow (February 2) on ITV.
Eddie Izzard signed up for NBC's upcoming Hannibal Lecter series as a prison inmate in November.
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