Fey, a former "Saturday Night Live" player and head writer, returned to her old stomping grounds several times this season to do her spot-on impression of the recent Republican vice presidential candidate.
Now that the election is over, Fey said she will no longer play Palin because she has to concentrate on "30 Rock," the sit-com she stars in, writes and executive produces.
"I have to retire just because I have to do my day job," EW.com quoted Fey as saying. "I think ('SNL' cast member Kristen) Wiig would do a really good job."
Asked whether there will be an official passing of the Palin torch, Fey quipped: "Maybe we could get a real torch. Or I could give Wiig the Palin wig."
Notable deaths of 2014 [PHOTOS]