The 56-year-old actor - who considered running for mayor in 2011 - is working on a pilot for NBC and HBO in which he will play a character modelled on Donald Trump, Michael Bloomberg and George Soros.
He said: "The character is a philanthropist, a big businessman and well-known tabloid fixture in New York. He's Trump without the baggage, Bloomberg but a Democrat, George Soros if he was in real estate, a left-leaning Democrat who is also a businessman who understands the reality of how the city has to be run to create the right climate for the business community.
"He's drafted for this run because the alternative would be catastrophe."
Alec will also executive produce the as-yet untitled show alongside Cary Brokaw and revealed it has been in the works for some time.
He told Deadline: "Cary and I were going to do this together nine years ago, but I got detoured by Lorne Michaels and Tina Fey into '30 Rock'."
Meanwhile, the actor has also revealed he was once approached to anchor 'Good Morning America' in 1994.
He told the show's current host George Stephanopoulos: "I'll never forget in 1994 I was in Tokyo and I was promoting this film and I get a phone call. I don't want to go into the particulars, but they basically said to me, 'You know that Good Morning America was never more successful than when an actor hosted the show,' which was David Hartman. And they said, 'Would you consider becoming the host of 'Good Morning America', one of them?' "
Alec considered the offer but was unsure about how genuine it was.
He said: " I wondered if they were doing this to pressure someone to sign their contract who was holding out on a contract or something, because you never know whether people are using you for some other purpose. ... I thought about that."