The Fox hosts asked Trump whom the "wrong" candidate would be, throwing out the name of Texas Rep. Ron Paul.
"I don't want to say anything bad about Ron Paul — he's an interesting guy, he has some very interesting views," Trump said.
But Trump said he was mostly concerned about the viability of the GOP candidate against President Obama.
Trump said he would consider running "if they choose the wrong candidate, and by that I mean the wrong candidate or a candidate who can't beat Obama, because you have to get him out of the presidency; he is destroying America."
He went on to say that if he did run, it would be as an Independent, and not until his NBC reality show finished airing.
"As you know, I can't do anything until May because of the ridiculous laws that talk about equal time, meaning that I have this big television show, so I'm not allowed to do anything. Would I like to do something sooner? Perhaps I would. But the laws preclude me from doing anything until May," Trump said.
Trump also sneaked in a birther shot at the president when discussing Obama's gaffe at a recent meeting of Asian leaders in Hawaii. At one point, Obama mistakenly said he was in Asia despite still being in Hawaii, and Trump sarcastically noted it was the state Obama was born in.
Trump has questioned the legitimacy of the president's birth certificate, buying into disproven Internet conspiracy theories that Obama may have been foreign-born.