Fey spent years as a writer and cast member on the long-running, New York sketch comedy series before she created and starred in her own sit-com "30 Rock," which is set behind the scenes of an "SNL"-type show.

The New York Daily News said Michaels is attempting to persuade Fey to return to "SNL" briefly and play the Republican vice presidential candidate, opposite Barack Obama, the Democratic presidential candidate who is to share host duties with Olympic champ Michael Phelps on the upcoming "SNL" season premiere.

"There are discussions, they're ongoing," the Daily News said Michaels told reporters Thursday.

Michaels also said "SNL" is working on several prime-time election specials, in addition to its weekly episodes.

"(The race is) being followed with incredible scrutiny and we're following (the candidates) with incredible scrutiny," he said.