The weekly program will feature a large dose of Baldwin's outspoken liberal politics, reported Ace Showbiz.
"It's real possibility. We're fans of Alec but we've got nothing to say regarding this unconfirmed report," a source said.
However, a representative for the Emmy Award and Golden Globe-winning actor refuses to comment on the matter.
Baldwin, 55, has been considered a talk show host contender with his name surfacing as a possible addition to NBC's late-night line-up.
The expectant father has had a long history with the NBC family. He starred on the network's "30 Rock" for seven seasons and has hosted "Saturday Night Live" 16 times.