In May, the actor hinted that he would be moving on from the NBC comedy after the show wraps up its sixth season in 2012.
Despite reports to the contrary, Michaels told New York Magazine that 30 Rock will continue beyond 2012 regardless of whether or not Baldwin returns.
"I can't imagine doing the show without Alec, but I couldn't imagine doing [Saturday Night Live] without Chevy [Chase]," he said. "And we're still on the air."
Michaels went on to say that Tina Fey remains "completely committed to the show" in spite of her numerous other projects.
"This is just a great group overall," he continued. "[30 Rock]'s got a lot of life and vitality and we all want to keep it going."
Baldwin revealed in June that he is considering a bid for New York City mayor, claiming that he is an ideal high-profile candidate for the Democrats.
Watch a clip of Tina Fey talking about Alec Baldwin and 30 Rock below: