The rapper thinks he could do a great job as the leader of America with the help of future First Lady Beyonce Knowles but won`t put himself forward for another a few years yet.
He said: "Give me a chance. Maybe in eight years, I`ll be the president."
Although he is keen to enter politics, Jay-Z insists he isn`t disappointed with current President Barack Obama - whose Democratic Party have suffered heavy losses in the US midterm elections.
He explained to BBC Newsbeat: "In order to judge someone, you have to judge what they inherit. He inherited the worst economy, war, just a horrible time in American history. So if we think he can solve that, I mean, we don`t think he`s God, do we?
"He`s a human being. He`s going to need time to figure that out.
"In order to get to that sort of success and that dream, you have to go through some peaks and valleys. It`s been two years."
Jay-Z has met President Obama since he came to office and has dined with former leader Bill Clinton.
The hip-hop mogul - real name Shawn Carter - has previously admitted he finds it "mind-blowing" that American leaders even know who he is.
Jay-Z - who grew up in a tough area of New York - said: "It`s unbelievable because it`s so far away from where I come from. We were the kids who were ignored by every politician. We didn`t have the numbers, the vote, to put anybody in office, because no matter who was in the office, we didn`t think that it would affect change where we lived. So nobody went out and voted.
"For me, being with Obama or having dinner with Bill Clinton is crazy. It`s mind-blowing, because where I come from is just another world. We were just ignored by politicians - by America in general."