"I thought, 'Oh, gee, I don't have the experience. I don't know enough.' And now I'm thinking, 'Oh,'" she said on the episode, which was originally taped on Dec. 12 and aired on Wednesday.
However, during a January appearance on The Late Show with Stephen Colbert, she seemed less open to the option and told the host "Never!"
Regardless of whether or not Winfrey will run in 2020, she's not the only celebrity businessperson to openly consider a future White House bid. Shark Tank's Mark Cuban addressed the topic in May 2016 during an interview on NBC's Meet the Press.
"Well, it's certainly more of a consideration than it was," Cuban says. "You don't have to be the perfect Stepford candidate like you would've been in the past."
Kevin O'Leary, also a host on Shark Tank, announced his candidacy for Canada's prime minister in January. The businessman is joining a 14-person race set to take place in 2019.