The TV duo, who previously hinted at an interest in the BBC One reality series during an interview with DS, said that they would like to compete on the show if they ever have enough time in their schedules.
"I'd like to do it so you wouldn't have to pay me. I just need the time. I'm a great dancer," Wallace told the Radio Times.
Torode said: "Gregg's a far better dancer than I am, but I'd love to learn."
Wallace added: "John's the chef but I'm the one with rhythm. John's only got rhythm if he's beating an egg."
The MasterChef semi-final continues on Wednesday at 9pm on BBC One.
Watch Gregg Wallace and John Torode talking about Strictly Come Dancing below:
> MasterChef The Final Four: Gregg Wallace's verdict