The Miami Herald reported Tuesday she said is "still enjoying" her life as a private citizen.
Asked what she would do if Graham announces his candidacy for president, she said, "I have no intentions of running for the Senate if that happens."
When rumors about a Graham run for the president began to circulate, she said, "I just think he should make a decision without other people commenting."
Reno, who served as attorney general for eight years under President Bill Clinton, ran for the Democratic nomination for Florida governor but lost to Tampa attorney Bill McBride by a narrow margin in the Sept. 10 primary.
McBride went on to a sound defeat at the hands of Republican Gov. Jeb Bush in the Nov. 5 general election.
Graham has been sounding more and more like he plans to join an already crowded field in the race for the White House.
In an appearance in Orlando, Fla., this week, he criticized President Bush's decision to oppose the University of Michigan's affirmative action program and continued to question plans to invade Iraq.
Expected in the field from the Senate are U.S. Sens John Edwards, D-N.C.; John Kerry, D-Mass.; Joseph Lieberman, D-Conn. Also expected are Rep. Richard Gephardt, D-Mo.; Vermont Gov. Howard Dean; and civil rights activist Al Sharpton. Former Sen. Gary Hart, D-Calif., is also considering another run.