In an interview with CNN that aired Sunday, the former Republican vice presidential nominee said she would not appoint herself or a member of her family to succeed Stevens is he is re-elected.
"If it were acknowledged up there that I could be put to better use for my state in the U.S. Senate, I would certainly consider that but that would take a special election and everything else," Palin said. "I am not one to appoint myself or a member of my family to take the place of any vacancy."
Stevens, the longest serving Republican in the Senate, was convicted last month of seven corruption counts relating to his failure to report gifts he received from an oil services contractor.
Stevens, who ran for re-election this month, remains in a tight race for his seat against Democratic Anchorage Mayor Mark Begich.
If Stevens wins another term, he would likely be expelled from the Senate, so there would be a special election in which Palin could run to succeed him.