The 54-year-old actress and model confirmed during Thursday's episode of Watch What Happens Live that she was in the running to replace Elisabeth Hasselback on The View in 2013.
Shields said she was on The View set for a week before McCarthy was given the position.
"I went through a week of being on the show and did all my homework," the star recalled. "I take everything very seriously."
"I was directing Chicago at the Hollywood Bowl. I'm in the parking lot and I get a call from the producer. He says, 'We've decided to go with Jenny McCarthy.' I was like, 'Okay,'" she said. "She's a friend, but I think you want one or the other. I think they were going for something different."
"I liked her," Geddie said of Shields. "For some reason, our audience never warmed to her."
Comedian and In Living Color alum Ali Wentworth was also considered as a replacement for Hasselbeck.
On Watch What Happens Live, Shields denied she was offered the role of Catwoman in Batman Returns, played by Michelle Pfeiffer.
Shields recently portrayed River Fields in Seasons 4 and 5 of Jane the Virgin. She will star with Jason Alexander in the new film My Boyfriend's Meds.