The 36-year-old told the Radio Times he is obsessed with politics - but said the show would not be "particularly serious".
The magazine said O'Leary is in talks with the BBC about presenting a political programme.
O'Leary said: "I won't be the man with the swingometer, but politics is a huge obsession with me, so I'm incredibly excited about it.
"It's a bit weird because I don't really consider myself a classic, mainstream shiny-floor presenter.
"I always try to bring a little bit of edge to whatever I'm doing, but at the same time I'm not a comedian.
"I'd love to do something that is documentary-based, but slightly more than 'straight'."
O'Leary was also asked about rumours that X Factor supremo Simon Cowell is planning to launch O'Leary in the United States.
He said: "I'll be honest with you, I'm doing well and I don't want it to end.
"I want to put my mark more squarely on The X Factor and I'd like to work in the States, eventually, as well. I'll work hard and I'll push for it, but I have to be philosophical."






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