Warner, who served as Virginia's top executive from 2002 to 2006, will be up for a second term in the Senate in 2014.
The 57-year-old moderate said he has been approached by many people of all political stripes in the past year asking him to consider a run for governor, the Washington publication Roll Call reported.
"I loved being governor, but I have a different job now -- and it's here in the United States Senate," he said.
Republican Gov. Bob McDonnell cannot seek re-election next year, but it's unclear whether he would mount a challenge against Warner in 2014.
"Certainly at this point in time, Bob McDonnell and Mark Warner are the two strongest politicians in the state, but it's tough to decide to go run against the other heavyweight on the other side of the fence," veteran Republican strategist Boyd Marcus told Roll Call. "Who knows what the situation will be in two years."