The designer has created looks for every US First Lady over the last 50 years except for President Barack Obama's wife, and believes he deserves a shot at the coveted high-profile gig.
Speaking on CBS' 'This Morning', Oscar said: ''I would love to dress Mrs. Obama. I think she's a very stylish lady. I've seen that there's a lot of young designers that deserve that chance.
''You know, only in this country do we pay so much attention to what the first lady wears. Only in this country does the first lady have such a public image about what she does. It doesn't happen anywhere else in the world.''
The 81-year-old designer also discussed fashion's most controversial star, disgraced former Dior creative director John Galliano, whose career was shattered last year when he was caught on camera making anti-Semitic remarks.
Oscar explained he invited Galliano to work in his studio for three weeks before Fashion Week last season because he felt his long-time friend deserved a second chance.
He said: ''Anna Wintour asked me if I would have John in my studio for three weeks and I said yes of course. I have known John for 30 years. Over 35 years.
''And I was happy that I gave him that second chance and I hope that he will survive all of this because he's an extremely talented man.''