The actor explained that his commitments to 30 Rock through next year will not leave him enough time to run for office in 2013, but he is open to campaigning in a later election.
Baldwin also said that he is planning to pursue a master's degree in politics and government prior to a potential mayoral bid in order to better understand "the fiscal imperatives of that job".
He went on to insist that he can be an effective advocate for New York City residents, but admitted that he has already prepared himself for a possible election defeat.
Baldwin told The New York Times: "What I think the government should be doing, who I think government should be serving and in what way, and what it should be prioritizing is a lot different than people would think."
He added: "I am someone who is fully prepared for the fact that I could go into this and do it and completely have my ass kicked. I could throw a party and no-one could come. And it would be this staggering lesson for me."
Baldwin and Bridesmaids actress Melissa McCarthy have been lined up to host the first two episodes of Saturday Night Live's 37th season.
> Alec Baldwin calls for David Cameron resignation
> 30 Rock will continue without Alec Baldwin, says showrunner
Watch Alec Baldwin pose as the fourth Jonas Brother on Saturday Night Live below (US only):