He said: “Give me a chance. Maybe in eight years, I'll be the president.”
Although he wants to enter politics, Jay-Z insists he isn’t disappointed with current President Barack Obama, whose Democratic Party has 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."
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