The Community actor - who also hosts The Soup on E! - was asked on Larry King Now if he would ever consider helming Hollywood's biggest night.
"Would I entertain the thought? I just entertained it. I was very entertained," McHale teased, adding: "So was the thought, the thought was like, 'This was a great time'."
McHale then said more seriously: "They're not gonna call me. Look, I work on E! I'm trying to host a celebrity roast of some sort.
"Look, I'm happy. I would be a seat filler. I thought [Seth MacFarlane] was amazing, so I hope he does it next year."
Seth MacFarlane has already ruled himself out to host the Oscars again next year, while Tina Fey has also said she would turn down the prestigious job.
The 86th annual Academy Awards will be held on Sunday,