The late-night sketch series routinely lampoons the US political scene with 'Weekend Update' jokes as well as Jay Pharoah's impression of Barack Obama and Jason Sudeikis impersonating Mitt Romney.
Meyers was recently quizzed on which celebrities or politicians he would like to see run for office.
"I'm never going to turn down Sarah Palin - I want to make that very clear," the comedian quipped to NBU Universal Direct. "Clint Eastwood would be fun to run... It's a shame on just pure term limits that Bill Clinton can't run. These are all people who have recently shown you what true entertainment value really is."
He then added: "The perfect one would be [Nicolas] Cage. I'd be happiest if Nic Cage ran for president."
Meyers also ruled out ever seeking political office himself.
"Oh my god, I wouldn't even consider running for town councilman," he admitted. "Having to represent people seems to be the worst job on earth. I don't know why anybody does it... I just like to have an office where you can lock the door and no-one can come in and bother you."
The SNL head-writer recently acknowledged that the series may have a slight liberal bias, but never misses a chance to lampoon Democrats as well as Republicans.
Saturday Night Live returns this weekend with a new episode featuring host Daniel Craig and musical guest Muse, airing at 11.30 ET on NBC.
> Saturday Night Live star Seth Meyers develops NBC sitcom
Watch Seth Meyers discuss the US presidential election below: