The Respect MP for Bradford West told Russia Today he had a team of people looking into the idea.
He said: "I have a committee which is seriously looking at the prospect of [me] running for Mayor of London at the next election.
"I’d like to fight Boris Johnson, and I think David Cameron probably wishes I’d be fighting Boris Johnson because if I’m not, Boris Johnson is back in Parliament fighting him.
Sat with American TV presenter Max Keiser, the two joked about Galloway's polices should he be elected.
Galloway said: "Can you imagine the exodus from the City of London if I was elected Mayor and Max Keiser was my economic tsar?"
Keiser claimed he would base the entire city on the digital currency of Bitcoin and execute bankers in the tower.
Galloway said: "We will not execute them. But we will execute a regime of justice and fairness and democratic penetration of their [the bankers] workings, because there is no point in having an economy unless it works for the people."
A shot at Mayor of London would be the latest in a long line of attempts at political office.
Galloway was elected a Labour MP in 1987 but was expelled from the party in 2003 for bringing the party into disrepute.
He was elected Respect MP for Bethnal Green and Bow in 2005 before losing the seat in 2010.
He then unsuccessfully contested Poplar and Limehouse and the Glasgow list for Scottish Parliament.
Galloway's luck changed in 2012 when he nabbed the Bradford West seat with a huge swing vote.
Bookmakers Paddy Power are offering odds of 80/1 on Galloway taking the job.Suggest a correction