Palin popped up in the audience during a question-and-answer session with comedian Jerry Seinfeld during the show's 40th anniversary special on Sunday.
After Seinfeld initially confused her with Tina Fey, who famously portrayed Palin when she was running for vice president in 2008, Palin asked how much the show wanted her to make another bid for the White House.
"Just curious, Jerry, how much do you think Lorne Michaels would pay me if I were to run in 2016?" Palin asked, referring to the show's creator and executive producer.
When Seinfeld told her that he didn't think "there's a number too big," Palin kept pushing.
"Hypothetically, then, what if I were to choose Donald Trump as my running mate?" Palin asked.
Palin told The Washington Post last month that she was "seriously interested" in pursuing a White House bid, but observers have noted that she hasn't taken steps toward beginning a campaign.
While Palin played along with the joke on Sunday, she has criticized the show for the way that it portrayed her in the past.
"I know that they portrayed me as an idiot, and I hated that," she told the authors of the book Live From New York.
Palin also told the book's authors that she didn't think the way she was portrayed on the show influenced the outcome of the 2008 elections.
"I think SNL is egotistical if they believe that it was truly an effect on maybe the public debate about who should lead the country in the next four years," she said.
Watch the exchange on 'SNL' in the video above.