She was highly appreciated for her role in 30 Rock, a situation comedy loosely based on her experiences at Saturday Night Live.
'I just feel that gig is so hard. Especially for, like, a woman - the amount of months that would be spent trying on dresses alone...no way,' she joked, during an interview with the Huffington Post posted on the website yesterday.
Asked if there was at least a one in a million chance, Fey replied, 'I wish I could tell you there was.'
Fey and Baby Mama actress Amy Poehler both received rave reviews for hosting the Golden Globes awards for the first time in January.
In a sketch on Sunday with Seth MacFarlane, Shatner appeared from the future as Star Trek Captain James T Kirk in a running joke about the edgy Family Guy creator's suitability as host of the most coveted honors in the movie business.
'Why couldn't they get Tina and Amy to host?' Shatner asked, to laughs from the audience packed with Hollywood stars.
TV critics panned the song-and-dance-heavy show and MacFarlane said yesterday that he would not consider hosting the Oscars a second time.
The Oscar host - considered both the highest honor and riskiest job in Hollywood - is usually chosen by the producers of the Academy Awards show and is generally announced about five or six months before the February ceremony.