Democrat Reiner, a fierce critic of Schwarzenegger, was approached to fight the former TERMINATOR star for office at next year's state elections, but turned down the chance to become a full-time politician, insisting he's not ready to compromise his family commitments.
But Reiner, the son of legendary funnyman Carl Reiner, insists that doesn't mean he won't run for office in the future.
He tells movie website movieline.net, "I have not ruled it out because I'm still invested in California politics and wanting to do good things for children.
"We've got a ballot initiative that's going to be on the June (06) ballot for universal preschool. That's going to give high quality preschool to every four-year-old in the state, which is starting the process of transforming our education system.
"So I am invested and I will continue to do things because I do care about that and, if at some point, down the road, I feel that I can be more effective as an elected official then I'll seek that."
Reiner isn't the only celebrity the Democrats are keen to see as a head of state - another Schwarzenegger opponent, Warren Beatty, is also being tipped for public office.