"There's no truth to this," a rep for McGraw tells PEOPLE magazine. "It's something he is interested in, but not for 2010. Later in life."
McGraw is an outspoken Democrat who publicly supported Barack Obama in the presidential election. He admitted in an earlier interview with PEOPLE that politics could be in his future.
"I've always been fascinated by what can be done in the public arena," he said. "And if the time comes where there's something available and I think I can do some positive things, I'll be glad to do it. I wouldn't want to do it just to say I did it."
But, McGraw did add with a laugh, "I think I gotta get a lot smarter between now and then!"